E-banking Fraud in Jamaica: A Cross-sectional Quantitative Study

Abstract

Introduction: Digital banking has proliferated and will continue to increase in prominence for years. However, electronic banking has not only laid the groundwork for service quality and convenience for individuals and financial institutions alike but has also resulted in an upsurge in criminal activities, such as cybercrimes in the financial sector. The issue of electronic banking fraud is a global epidemic that has influenced customers’ confidence.

Objectives: This research seeks to address the following: To assess the perceived status of e-banking fraud in Jamaica; To determine the impact of electronic banking fraud on consumer confidence in Jamaica; To evaluate the measures that can enhance cybersecurity and prevent electronic banking fraud in Jamaica; and To determine the cost in Jamaican Dollars of electronic banking fraud.

Methods and Materials: This study employed a cross-sectional correlation research design. A standardised instrument for the research will be structured open and closed questionnaires, including a 5-point Likert scale.

Findings: Most of the respondents are knowledgeable of e-banking fraud (97.1%, n=1268), aware that there are threats (94.2%, n = 1229), are neutral that it is easy to detect e-banking fraud (55.3%, n= 722), have been a victim of e-banking fraud (60.9%, n=795), have not been reimbursed the fleeced funds (67.8 %, n =536), and relatives or friends being fleeced of funds (87.7%, n=1145).

Conclusion: Online banking is at an epidemic stage in Jamaica. It has become a global pandemic. The issues associated with electronic banking fraud need to be resolved with immediacy as there is a high probability of a rise in psychological trauma associated with its continuation.