The Effectiveness Of Anti-Fraud Measures Employed By Financial Institutions In Zimbabwe.Case Study Of Zb Bank Bindura Branch

Author

Davison Gwaka

Title

The Effectiveness Of Anti-Fraud Measures Employed By Financial Institutions In Zimbabwe.Case Study Of Zb Bank Bindura Branch

Abstract

The study was aimed at evaluating the effectiveness of anti-measures employees by financial institutions and it was a case study of ZB Bindura branch. The objectives of the study were to identify the anti-fraud measures, evaluate the effectiveness of the anti-fraud, establish the factors which affect the effectiveness of the anti-fraud measures and lastly, to suggest the appropriate strategies that can be used in curbing fraud in financial institutions. A two tailed hypothesis was drawn with H0 and H1. The researcher used both quantitative and qualitative methods in order to collect primary data for the research project through the use of questionnaires and interview guides. A combination of a case study and descriptive research design were used. Stratified random sampling and purposive sampling were used, with a population of 15 respondents for the interviews and 31 respondents for the questionnaires. The researcher used MS excel and IBM SPSS for data presentation and analysis. The findings proved that ZB bank complies the RBZ because it follows its regulatory system as countermeasures. It was noted that the financial institution uses modern technologies like fraud detection systems, behavioral analysis and early warning systems. The respondents through interviews and questionnaires, voted that the current anti-fraud were effective. In addition to this a hypothesis test was done and it failed to reject the H0 which states that financial institutions were using effective anti-fraud measures. The recommendations were that financial institutions should invest in cyber security technologies, maintain good governance and follow the RBZ's regulatory framework.

Date

June 2024

Publisher

BUSE

Keywords

Anti-Fraud

Measures

Zimbabwe

Financial Institutions

Supervisor

N/A