Determination of Factors Influencing the Upsurge of Electronic Banking Frauds in Zimbabwe

Abstract

E-fraud has become more prevalent in Zimbabwean banks because of the growth of Internet access and the acceptance of electronic payment channels as a preferred method of payment. Electronic Banking frauds result in significant financial losses. The study made use of descriptive research methodology to examine the factors causing the rise of electronic fraud in the banking sector of Zimbabwe. The questionnaire's primary data was selected from the respondents subjected to the purposive sampling method. The research focused on types of electronic banking fraud in Zimbabwe, factors causing the surge of e-banking frauds and the employment of management practices to control Electronic Banking fraud. The researchers noted that the rise of electronic banking frauds was due to phishing and card cloning and the rise was due to limited use of modern technologies, particularly machine learning and biometrics.

Keywords

• electronic banking fraud
• biometric.