Effectiveness of financial cybercrime laws on consumer protection among banks and financial institutions: A comparative study of the United States of America and the Kingdom of Saudi Arabia

Abstract

The advent of information technology and the widespread use of internet has led to wave of new crimes committed remotely through computers or smartphones over the internet. The economic costs of these crimes is massive leading to losses not only to institutions, but also to customers. The financial institutions such as banks and credit finance institutions are the most targeted due to their vulnerable systems especially during mergers and acquisitions. Most banks also have out-of-date protection systems that make it easy for hackers to access their systems and data. Therefore, this study sought to examine the effectiveness of cybercrime laws in the USA and KSA in protecting consumers in banks and other financial institutions