Forensic Analysis of Online Financial Fraud Targeting Bank Customers in Enugu State

Online financial fraud targeting bank customers through phishing, SIM swap attacks, and account takeover schemes represents a rapidly growing forensic challenge in the digital economy. This study empirically analyses the forensic characteristics and investigative responses to online financial fraud cases reported by bank customers in Enugu State between 2020 and 2024. A mixed-methods empirical design was employed, combining analysis of 150 fraud incident reports obtained from four commercial banks, digital forensic examination of thirty confirmed fraud devices provided by the EFCC, and interviews with sixteen cybercrime investigators. The study examines fraud methodology patterns, digital trace evidence characteristics, and the challenges of preserving volatile financial digital evidence. Findings reveal that SIM swap-facilitated account takeover accounted for forty-eight percent of confirmed fraud incidents, with perpetrators exploiting social engineering techniques targeting bank customer service staff. Digital forensic examination of fraud devices recovered deleted transaction records and communication logs in seventy-three percent of examined cases, demonstrating significant evidential recovery potential. However, prompt evidence preservation was achieved in only thirty percent of cases due to delays between fraud reporting and device seizure. Recommendations include the introduction of standardised fraud digital evidence preservation protocols for Nigerian banks, enhanced collaboration between financial institutions and law enforcement, and strengthened SIM swap security regulations. Keywords: online financial fraud, digital forensics, bank customers, Enugu State, SIM swap.