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ABSTRACT
The study examined electronic fraud during the era of cashless policy in Nigeria: a case of bank customers in Benin-city. It investigated the causes of electronic fraud, the response to electronic fraud and the effects of electronic fraud.
A questionnaire was used in the study and a total of one hundred and fifty nine (159) responses were gotten. The study utilized descriptive statistics and Chi-square test regression methodology to analyses the relationship between electronic fraud and cashless policy.
Findings revealed revealed that fraud and value of ATM transactions in Nigeria are positively and significantly related. This finding corroborates Nigeria Inter-Bank Settlement Scheme NIBSS (2014) which argued that the ATM was the major transactions for fraudulent activities in terms of volume due to the fact that it experienced the highest number of fraudulent transactions in 2014. This is in accordance with fraud triangle theory and diamond theory that explained the four factors that are common in incidences of fraud which one of them is perceived opportunity.
Based on this study, the use of Point of Sale (POS) transactions should be encouraged in Nigeria. This is against the backdrop that their usage decrease fraud as well as have significant effect on fraud in Nigeria banking sector. This can be achieved through increased awareness by the commercial banks through media campaign and seminars. It was also recommended that the use of mobile transactions should also be encouraged in the country. By tightening internal controls, improving information security and adopting fraud control services offered by financial institutions and other partners, one can avoid or at least contain fraud losses, while also contributing to the “greater good”–driving down the ability of criminals to profit from fraud and protecting consumer confidence in the payments industry.
