Customers’ awareness and knowledge level of fraudulent acts in electronic banking in Ghana: evidence from a universal bank
| DOI | https://doi.org/10.1108/JFC-08-2020-0161 |
| Published date | 11 November 2020 |
| Date | 11 November 2020 |
| Pages | 870-882 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
| Author | John Kwaku Amoh,Dadson Awunyo-Vitor,Kenneth Ofori-Boateng |
Customers’awareness and
knowledge level of fraudulent acts
in electronic banking in Ghana:
evidence from a universal bank
John Kwaku Amoh
Department of Accounting, Faculty of Accounting and Finance,
University of Professional Studies, Accra, Ghana
Dadson Awunyo-Vitor
Department of Agricultural Economics, Agribusiness and Extension,
Faculty of Agriculture, Kwame Nkrumah University of Science and Technology,
Kumasi, Ghana, and
Kenneth Ofori-Boateng
Department of Accounting and Finance, GIMPA Business School,
Ghana Institute of Management and Public Administration, Accra, Ghana
Abstract
Purpose –This study aims to assess customers’awareness and level of knowledgeon electronic banking
fraud.
Design/methodology/approach –A well-structured interviewer-assisted questionnaire was used to
collect data from 400 clientsof a case study bank. Data were analysed using descriptive statistics.Kendall’s
coefficient of concordance (W) statistic was also estimated to track and rank the fraudulent activities
identifiedby the respondents with respect to electronic banking.
Findings –This study found that respondents were aware of most of the specific forms of electronic
banking fraud. Firstly, automated teller machinfraud is the most common scam for which customers are
aware of. Secondly, institutionalfactors such as lack of monitoring and education of clients aremajor factors
which expose the bank and clients to fraudulent electronicbanking acts. Thirdly, the most effective action
that can be taken to preventfraud in the bank is increased security and personal identificationnumber (PIN)
protectioneducation.
Research limitations/implications –This study focusses on a universal bank and uses data from
customersof only one branch of the bank to achieve the research objectives.
Originality/value –One uniquenessof this paper is in the adoption of Kendall’scoefficient of concordance
(W) statistic to track and rankfraudulent banking activities. The findings will allow financialinstitutions to
know the forms of current and innovative electronicbanking fraudulent activities that customers are aware
of. It will also enable the banks to find ways to inform their clients about emerging electronic banking
fraudulentactivities to prevent them from falling victims.
Keywords Fraud, Ghana, Electronic banking, Universal bank, Fraudulent act
Paper type Research paper
1. Introduction
Threats of cyber-attacksaround the world and in Ghana have become so heterogeneousand
sophisticated that they demand attention and considerable resources to minimise their
JFC
28,3
870
Journalof Financial Crime
Vol.28 No. 3, 2021
pp. 870-882
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-08-2020-0161
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