Factors Influencing Electronic Fraud in Banking Industry in Tanzania: A Case Study of Peoples Bank of Zanzibar

Maulid,, Haji (2019) Factors Influencing Electronic Fraud in Banking Industry in Tanzania: A Case Study of Peoples Bank of Zanzibar. Masters thesis, The Open University of Tanzania.

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Abstract

The study was examined how banking industry in Tanzania protects customers through electronic banking services. E-banking is becoming more important in bank system because fraud affecting productivity of the banking services. The study realizes that due to some unfaithful persons, hackers and cybercriminals have taken advantage of the modality of concluding e-banking to deceive, or mislead any payment. Frauds in e-banking services globally occur as a result of various compromises in security ranging from weak authentication systems to insufficient internal controls. In this research the population of the study are all bank staff that is working inside People bank of Zanzibar limited in different branches in Tanzania. The purposive sampling technique was used to select the respondents. The author uses a sample of 30 banking experts to answer the questionnaires to represent the population. The banking officials chosen have a great knowledge of the technical issues related to the factors influencing electronic fraud in Tanzania. The study used majority of its respondents from fraud auditors and supervisors who had the primary responsibility of detecting and preventing fraud. The respondents accept strengthening of internal controls and systems was very effective strategy by 93.3%, improving numeration packages was effective by 100% but introducing hotlines and call centres was effective but not much. Other strategies were also seen effective including mandatory vacations and shuffling. The conclusion shows that People Bank of Zanzibar have good internal controls to combat fraud cases especially online frauds. PBZ gives it workers ethics trainings to stop them committing fraud. And lastly, the researcher concluded that PBZ staff is being paid good numerations in order to prevent them of committing fraud cases.

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