Cybercrime - The Emerging Threat to the Financial Services Sector in Zimbabwe

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