Abstract
The proliferation of Information and Communication Technology (ICT) has resulted in the change of different aspects of human life, bringing convenience and simplicity to our lives. It has taken domain in the different business sectors inclusive of the financial institutions. However it has come with its own share of problems, which have become a major concern to business organisations. This study, which was confined to four financial institutions in Harare, was aimed at investigating the prevalence of cybercrime in financial institutions. A total of 48 respondents drawn from four commercial banks were invited to participate using stratified random sampling and purposive sampling techniques, with the questionnaire and in-depth interviews as the key research instruments. The study revealed hacking, phishing, identity theft and malware to be amongst the types of cybercrime in banks. Though financial institutions are putting cyber security systems in place to curb the scourge, the preventive measures are being out- paced by technological advancement. DOI: 10.5901/mjss.2016.v7n3s1p135
Highlights
Over the past decade, the world has witnessed a great improvement in information and communication technology
Though a lesser proportion of respondents considered the cyber crimes to be high, the fact that most of the respondents indicated that the cybercrimes have an average occurrence rate is a cause for concern
It can be concluded that cybercrime is prevalent in the financial institutions, with hacking, identity theft and malicious software as the most prevalent cyber threats
Summary
The world has witnessed a great improvement in information and communication technology. The introduction of computers and various software programmes in the business environment has greatly improved business operations This increased use of technological innovation devices such as computers, mobile phones, internet and other associated technologies is a path way which has yielded both positive and negative results. The current liquidity crisis in Zimbabwe has led to an increase in the use of facilities such as payment cards and Real Time Gross Settlement System (RTGS) (Mugari, 2016). These alternative payment systems have increased exposure of financial institutions to risks such as fraudulent RTGS payments and electronic card fraud (Mugari, 2016). Law enforcement agencies have not been able to deal with cybercrime effectively, especially in the developing countries because of the pace at which technology is changing (Sussmann, 1999)
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