Impact of Technological Crimes in Micro-Financial Institutions (A Case of Getbucks Harare)

Author

Munesuishe Mashinya

Title

Impact of Technological Crimes in Micro-Financial Institutions (A Case of Getbucks Harare)

Abstract

Technological crimes have an impact on the lives of individuals and can have a variety of consequences, including financial loss and reputational damage. Numerous technological crimes have emerged because of the internet's explosive expansion, e-commerce, and the numerous other transactions that take place online. The research aimed to examine the causes and impacts of Technological crimes in the financial industry, with a particular emphasis on Getbucks Microfinance. The following objectives served as the study's guidelines: To demonstrate the nature of technological crimes in micro-financial institutions, to discuss the causes of technological crimes in micro-financial institutions, to determine the extent to which technological crimes affect micro-financial institutions’ performance, and to highlight and recommend best practices to address technological crimes in micro-financial institutions. The researcher used a descriptive case study research design on a sample size of 65 participants with the questionnaire and interviews as the main data collection instruments. The study employed stratified random sampling and purposive sampling methods to choose participants. Data was analyzed using Microsoft Excel 2016 and the Statistical Package for Social Sciences (SPSS) version 20, after which it was displayed using tables and bar graphs. The results showed that DOS, malware, phishing, hacking, identity theft, and card fraud are the most popular ways used by fraudsters to carry out these cybercrimes in financial services. Significant impacts have resulted from cybercrime, such as financial losses, reputational damage, business trading disruption, and loss of sensitive data. Economic factors, weak security systems, lack of cybersecurity awareness, and poor recruitment practices are all associated with the causes of cybercrime. The researcher strongly recommended stiff penalties, stringent laws and regulations, and training facilities as effective measures against technological crime in micro-financial institutions.

Date

2024

Publisher

BUSE

Keywords

Technological Crimes

Micro-Financial Institutions

Getbucks

Harare

Zimbabwe

Supervisor

N/A