Author

  • Shewangu Dzomira

    • University of South Africa, Pretoria, South Africa
    • Great Zimbabwe University, Zimbabwe
    • South Africa

Abstract

Exploitation of plastic money coupled with electronic banking services has come as expediency to financial establishment customers in Zimbabwe. This paper sought to analyze plastic money and electronic banking services espousal vis-a-viz financial identity theft fraud risk awareness in Zimbabwe banking sector via banks’ websites. The theoretical underpinning for this study is Routine Activity Theory. The study used qualitative content analysis research technique for examination of the text content data through the consistent taxonomy process of coding and classifying themes or patterns to submit a painstaking considerate of financial identity theft fraud awareness by the banking sector in Zimbabwe. A sample size of 14 banks (including commercial, merchant and building societies) was used and the banks were arbitrarily chosen on the basis of website accessibility and ease of use of the data. The study findings suggest that there is very little financial identity theft awareness in Zimbabwe by the banking sector through their websites to the general public whilst there is amplified adoption of plastic money and electronic banking adoption. This study proposes a need to amplify the information and inform plastic card and electronic banking customers of the types of financial identity theft fraud. Plastic card and electronic banking is an urgent area to focus on for banking institutions and should inexorably capitalize in it. Financial identity theft information should be easily retrievable and conveyed in a manner that makes reasonableness to the varied customers.

Keywords

References

  • Anderson, K. B., Durbin, E. & Salinger, M. A. (2008). Identity Theft. Journal of Economic Perspectives, 22, 171–192. doi: 10.1257/jep.22.2.171
  • Albrecht, C., Albrecht, C. & Tzafrir, S. (2011). How to protect and minimize consumer risk to identity theft. Journal of Financial Crime, 18, 405–414. doi: http://dx.doi.org/10.1108/13590791111173722
  • Aïmeur, E. & Schonfeld, D. (2011). The ultimate invasion of privacy: Identity theft. In 2011 9th Annual International Conference on Privacy, Security and Trust, PST 2011 (pp. 24–31). doi: 10.1109/PST.2011.5971959
  • Archer, N. (2012). Consumer identity theft prevention and identity fraud detection behaviours. Journal of Financial Crime. doi: 10.1108/13590791211190704
  • Brody, R. G., Mulig, E. & Kimball, V. (2007). Phishing, pharming and identity theft. Academy of Accounting and Financial Studies Journal, 11, 43–56.
  • Chou, N., Ledesma, R., Teraguchi, Y. & Mitchell, J. C. (2004). Client-side defense against web-based identity theft. NDSS, 1–16. doi:10.1.1.65.679
  • Du-Plooy-Cilliers, F., Davis, C. & Bezuidenhout, R. (2014). Research Matters. Juta & Company, South Africa.
  • Drawve, G., Thomas, S. A., & Walker, J. T. (2014). The Likelihood of Arrest: A Routine Activity Theory Approach. American Journal of Criminal Justice, 39, 450–470. doi: 10.1007/s12103-013-9226-2
  • Dzomira, S. (2016). Financial consumer protection: internet banking fraud awareness by the banking sector. Banks and Bank Systems, 11(4).
  • Elbirt, A. J. (2005). Who Are You? How to Protect Against Identity Theft. IEEE Technology and Society Magazine, 24, 5–8. doi: 10.1109/MTAS.2005.1442375
  • Farina, K. A. (2015). Cyber Crime: Identity Theft. International Encyclopaedia of the Social & Behavioral Sciences (Second Edition), 5, 633–637. doi: http://dx.doi.org/10.1016/B978-0-08-097086-8.45054-3
  • Geeta, D. V. (2011). Online identity theft – an Indian perspective. Journal of Financial Crime, 18, 235–246. doi: 10.1108/13590791111147451
  • Granova, A. & Eloff, J. (2004). Online banking and identity theft: Who carries the risk? Computer Fraud and Security. doi: 10.1016/S1361-3723(04)00134-4
  • Hutchings, A. & Hayes, H. (2009). Routine Activity Theory and Phishing Victimisation. Current Issues in Criminal Justice, 20(3).
  • Hoofnagle, C. J. (2007). Identity Theft: Making the Known Unknowns Known. Harvard Journal of Law & Technology, 21, 98–122.
  • Irfana, S. & Raghurama, A. (2013). Innovation in Indian Banking: Extent of Precautions Taken By the Customers While E-Banking. IOSR Journal of Business and Management (IOSR-JBM), 8(5), 01-09.
  • Kahn, C. M. & Liñares-Zegarra, J. M. (2013). Identity Theft and Consumer Payment Choice: Does Security Really Matter?
  • Kahn, C. M. & Roberds, W. (2008). Credit and identity theft. Journal of Monetary Economics, 55, 251–264. doi: 10.1016/j.jmoneco.2007.08.001
  • Kahn, C. M. & Liñares-Zegarra, J. M. (2016). Identity Theft and Consumer Payment Choice: Does Security Really Matter? Journal of Financial Services Research, 50, 121–159. doi: 10.1007/s10693-015-0218-x
  • Kaseke, N. (2012). Cash or Plastic Money – An Investigation into the Payment Mode Post Multi-Currency Period in Zimbabwe. International Journal of Advanced Research in Management and Social Sciences, 1(6).
  • Kigerl, A. (2012). Routine Activity Theory and the Determinants of High Cybercrime Countries. Social Science Computer Review, 30, 470–486. doi: 10.1177/0894439311422689
  • Leukfeldt, E. R. (2014). Phishing for suitable targets in the Netherlands: routine activity theory and phishing victimization. Cyberpsychology, behavior and social networking, 17, 551–5. doi: 10.1089/cyber.2014.0008
  • Milne, G. R. (2003). How well do consumers protect themselves from identity theft? Journal of Consumer Affairs. doi: 10.1111/j.1745-6606.2003.tb00459.x
  • Moskovitch, R., Feher, C., Messerman, A., Kirschnick, N., Mustafić, T., Camtepe, A. & Elovici, Y. (2009). Identity theft, computers and behavioral biometrics. In 2009 IEEE International Conference on Intelligence and Security Informatics, ISI 2009 (pp. 155–160). doi: 10.1109/ISI.2009.5137288
  • Moir, I. & Weir, G. R. S. (2009). Contact centres and identity theft. International Journal of Electronic Security and Digital Forensics, 2(92). doi: 10.1504/IJESDF.2009.023879
  • Nokhbeh-Zaeem, R., Manoharan, M., Yang, Y. & Barber, K. S. (2017). Modeling and analysis of identity threat behaviors through text mining of identity theft stories. Computers and Security, 65, 50–63. doi: 10.1016/j.cose.2016.11.002
  • NSW. (2011). Background paper: plastic card fraud.
  • Paek, S. Y. & Nalla, M. K. (2015). The relationship between receiving phishing attempt and identity theft victimization in South Korea. International Journal of Law, Crime and Justice, 43, 626–642. doi: 10.1016/j.ijlcj.2015.02.003
  • Perl, M. W. (2003). It’s not always about the money: When the state identity theft laws fail to adequately address criminal record identity theft.
  • Pudaruth, S., Juwaheer, T. D. & Madoo, V. (2013). Mapping the Hidden Constructs towards the Adoption of Plastic Cards in Mauritius. International Journal of Advanced Research, 1(4), 340-355.
  • Radin, T. J. (2007). Identity Theft. In Encyclopaedia of Business Ethics and Society (p. 2592).
  • Reyns, B. W. & Henson, B. (2015). The Thief With a Thousand Faces and the Victim With None: Identifying Determinants for Online Identity Theft Victimization With Routine Activity Theory. International Journal of Offender Therapy and Comparative Criminology, 1, 1–21. doi: 10.1177/0306624X15572861
  • Reyns, B. W. (2013). Online routines and identity theft victimization: Further expanding routine activity theory beyond direct-contact offenses. Journal of Research in Crime and Delinquency, 50, 216–238. doi: 10.1177/0022427811425539
  • Reyns, B. W., Henson, B. & Fisher, B. S. (2011). Being Pursued Online: Applying Cyber lifestyle-Routine Activities Theory to Cyber stalking Victimization. Criminal Justice and Behavior, 38, 1149–1169. doi: http://dx.doi.org.ezproxy.uky.edu/10.1177/0093854811421448
  • Sakharova, I. & Khan, L. (2011). Payment Card Fraud: Challenges and Solutions, Technical Report - UTDCS3411, The University of Texas at Dallas, Department of Computer Science, Selected Papers in Security Studies: Volume 5, The University of Texas at Dallas, PP No. 1 - 25.
  • Sanchez, M. (2012). the Role of the Forensic Accountant in a Medicare Fraud Identity Theft Case. Global Journal of Business Research (GJBR), 6, 85–92.
  • Saunders, K. M. & Zucker, B. (1999). Counteracting Identity Fraud in the Information Age: The Identity Theft and Assumption Deterrence Act. Cornell Journal of Law and Public Policy, 13, 183–192. doi: 10.1080/13600869955134
  • Smith, R. G. & Grabosky, P. (1998). Plastic Card Fraud. Australian Institute of Criminology. Paper presented at the conference Crime Against Business, convened by the Australian Institute of Criminology, held in Melbourne 18 – 19 June 1998.
  • Steyn, T., Kruger, H. A. & Drevin, L. (2007). Identity theft - Empirical evidence from a phishing exercise. In IFIP International Federation for Information Processing, 232, 193–203. doi: 10.1007/978-0-387-72367-9_17
  • Vincent, L. (2005). Credit Cards - Modem Payment System. Review of Social Sciences, VI(1), 71-76.
  • Williams, M. L. (2015). Guardians upon High: An Application of Routine Activities Theory to Online Identity Theft in Europe at the Country and Individual Level. Brit. J. Criminol. 56, 21–48.

Downloads

No downloads have been recorded for this article yet. Figures appear here once readers begin downloading the full text.

How to Cite

Dzomira, S. (2017). Plastic Money and Electronic Banking Services Espousal vis-a-viz Financial Identity Theft Fraud Risk Awareness in a Developing Country. Journal of Economics and Behavioral Studies, 9(5(J), 255-264. https://doi.org/10.22610/jebs.v9i5.1928

Share this article

License

Copyright (c) 2017 Shewangu Dzomira (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of revised paper in the light of suggestions of the reviewers, the editorial team  edits and formats manuscripts to bring uniformity and standardization in published material.

This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.

Keywords

Section

Research Paper

Published in

Vol. 9 No. 5(J) (2017) Digital Banking, Performance & Rural Development View issue contents

Published

2017-10-21

Submissions

Have research to publish? Journal of Economics and Behavioral Studies welcomes submissions.

Make a Submission