Financial consumer protection: internet banking fraud awareness by the banking sector

This paper examines internet banking fraud awareness by the banking sector in Southern Africa as financial consumers’ protection. The study is grounded on routine activity theory and criminology theory. A qualitative content analysis research technique was used for examination of the text content data through the consistent nomenclature process of coding and classifying themes or patterns to proffer a meticulous considerate of internet banking fraud awareness in the banking sector. The findings suggest that internet fraud awareness to the general public through website is very low by many Southern Africa banks. Most of the banks disclose less than half of the identified internet banking fraud awareness to the general public on their websites. Although some banks have internet fraud information on internet banking applications, however, the authentic efficacy of this information is tentative. This proposes that most of the financial customers engage internet banking transactions without sufficient awareness on potential internet threats and attacks. There is, consequently, high likelihood of financial consumers being internet banking fraud victims.

Keywords: internet fraud, internet banking, fraud awareness, financial consumer.
JEL Classification: G21, D18