An evaluation of Bank security and fraud prevention: case study of Barclays Bank Zimbabwe.
Chigova, Taurai V.
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This study investigated the role of bank security in fraud detection, prevention and investigation. The wave of fraud in the banking sector has been prevalent, hence the researcher felt that there is paucity of information on how to define clearly the role and extent of bank security to fraud. The research was aimed at showing the consequences of fraud in commercial banks using case study of Barclays Bank Zimbabwe. The objectives of the research were to identify different types of frauds in banks, to highlight impacts of fraud in banks and to suggest ways to combat fraud in banks. A descriptive research design was used to obtain quantitative and qualitative data. A sample of 37 respondents out of a population of 80 was used comprising of bank managers, bank tellers, accounting personnel and the human resource personnel. Random sampling technique was used in the selection of respondents in the study. Face to face interviews and questionnaires were selected as research instruments. Analysis of data was done using Microsoft excel. Data collected was presented through the use of tables, graphs and figures. The study found out that bank fraud is becoming more and more prevalent and that banks face considerable profit losses due fraud. Amongst all other preventive measures in prevention of fraud in banks, effective internal controls were found to be the most important. The study recommended that further research should be done especially on computer related crime that affects banks since development of technology provides various ways of committing more sophisticated ways of committing fraud in banks.