An Assessment of Fraud Control Measures in the Zimbabwean Banking Sector. A Case Of Zb Bank (Bindura Branch) for the Period of 2020-2023.

Author

Natalia Lucia Musiyiwa

Title

An Assessment of Fraud Control Measures in the Zimbabwean Banking Sector. A Case Of Zb Bank (Bindura Branch) for the Period of 2020-2023.

Abstract

Fraud has become a prevalent and enduring problem in the banking sector of Zimbabwe, posing substantial risks to the stability, credibility, and reliability of financial institutions. Reports of fraudulent activities persist, prompting concerns about the sufficiency and efficacy of current control mechanisms. Therefore, this research is going to assess the fraud control measures in place within Zimbabwe’s banking sector, identifying any weaknesses and propose enhancement to strengthen the resilience of the financial system. The researcher used a single case study design to collect primary data using research questionnaires. The ZB Bank was used to represent commercial banks in Zimbabwe and has been used as a case study. The results obtained will be applicable to other banks. A sample of ten respondents on the questionnaire was obtained. The data was analysed, and interpreted using Microsoft excel and SPSS and was presented using charts, graphs and tables. The research findings revealed that opportunities, rather than financial need, serves as the primary motivation for fraud within the banking system. Also, the study identified various control measures implemented by ZB Bank to manage fraudulent activities. Finally, it was recommended that financial institutions enhance technological solutions by leveraging advanced technological measures such as real-time fraud monitoring systems, biometric authentication and two-factor authentication. Also, strengthen internal controls by continuously reviewing and enhancing internal control mechanisms to address the identified opportunities for fraud. Also, banks should focus on organisational learning, customer education and awareness and collaborate with consultants.

Date

April 2024

Publisher

BUSE

Keywords

Fraud

Zb bank

Case study

Zimbabwe

Supervisor

N/A