Online banking fraud detection: A comparative study of cases from South Africa and Spain
Background: The banking sector provides online banking to offer their customers convenient and easy access to banking services. As most banking services are nowadays performed online, alarming fraudulent activities occur daily. The online banking frauds are increasingly and commonly being experience...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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AOSIS
2024-03-01
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| Series: | South African Journal of Information Management |
| Subjects: | |
| Online Access: | https://sajim.co.za/index.php/sajim/article/view/1763 |
| _version_ | 1797223100867149824 |
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| author | Joy Phiri Tendani Lavhengwa Mmatshuene A. Segooa |
| author_facet | Joy Phiri Tendani Lavhengwa Mmatshuene A. Segooa |
| author_sort | Joy Phiri |
| collection | DOAJ |
| description | Background: The banking sector provides online banking to offer their customers convenient and easy access to banking services. As most banking services are nowadays performed online, alarming fraudulent activities occur daily. The online banking frauds are increasingly and commonly being experienced globally and are damaging to both banks and customers.
Objectives: The goal of the study was to investigate issues in online fraud detection in the banking sector from South Africa and Spain.
Method: The study followed the Design Science Research (DSR) methodology. Data were collected through the qualitative approach particularly using focus groups and semi-structured interviews. The study followed non-probability sampling since it focussed on a specialised area of online fraud model. In total, the population size consisted of 17 participants, which included fraud technical managers, fraud investigator specialists, fraud technical specialists and data scientists.
Results: In the South African context, the study established that there is a lack of online fraud experts in the banking sector. The findings reveal that the lack of online fraud expertise may lead to banks having weak detection systems. In the Spanish perspective, the study revealed that there is a lack of law regulation that poses a high risk.
Conclusion: Given the lack of online fraud experts in the banking sector, banks are urged to acquire and develop online fraud expertise. Online banking technology is developing expeditiously than traditional transactions; therefore, regulations and policies need to be updated regularly to keep up with rapidly evolving technological changes.
Contribution: Considering the significance of global online banking, the study suggested areas that the banking sector may investigate to develop and enhance online fraud detection models to combat online fraudulent activities. |
| first_indexed | 2024-04-24T13:31:52Z |
| format | Article |
| id | doaj.art-701c2558147743afa0c18119cfb6ba53 |
| institution | Directory Open Access Journal |
| issn | 2078-1865 1560-683X |
| language | English |
| last_indexed | 2024-04-24T13:31:52Z |
| publishDate | 2024-03-01 |
| publisher | AOSIS |
| record_format | Article |
| series | South African Journal of Information Management |
| spelling | doaj.art-701c2558147743afa0c18119cfb6ba532024-04-04T09:29:20ZengAOSISSouth African Journal of Information Management2078-18651560-683X2024-03-01261e1e810.4102/sajim.v26i1.1763785Online banking fraud detection: A comparative study of cases from South Africa and SpainJoy Phiri0Tendani Lavhengwa1Mmatshuene A. Segooa2Department of Informatics, Faculty of Information and Communication Technology, Tshwane University of Technology, TshwaneDepartment of Informatics, Faculty of Information and Communication Technology, Tshwane University of Technology, TshwaneDepartment of Informatics, Faculty of Information and Communication Technology, Tshwane University of Technology, TshwaneBackground: The banking sector provides online banking to offer their customers convenient and easy access to banking services. As most banking services are nowadays performed online, alarming fraudulent activities occur daily. The online banking frauds are increasingly and commonly being experienced globally and are damaging to both banks and customers. Objectives: The goal of the study was to investigate issues in online fraud detection in the banking sector from South Africa and Spain. Method: The study followed the Design Science Research (DSR) methodology. Data were collected through the qualitative approach particularly using focus groups and semi-structured interviews. The study followed non-probability sampling since it focussed on a specialised area of online fraud model. In total, the population size consisted of 17 participants, which included fraud technical managers, fraud investigator specialists, fraud technical specialists and data scientists. Results: In the South African context, the study established that there is a lack of online fraud experts in the banking sector. The findings reveal that the lack of online fraud expertise may lead to banks having weak detection systems. In the Spanish perspective, the study revealed that there is a lack of law regulation that poses a high risk. Conclusion: Given the lack of online fraud experts in the banking sector, banks are urged to acquire and develop online fraud expertise. Online banking technology is developing expeditiously than traditional transactions; therefore, regulations and policies need to be updated regularly to keep up with rapidly evolving technological changes. Contribution: Considering the significance of global online banking, the study suggested areas that the banking sector may investigate to develop and enhance online fraud detection models to combat online fraudulent activities.https://sajim.co.za/index.php/sajim/article/view/1763banking sectoronline bankingonline banking fraudfraud detectionfraud experts |
| spellingShingle | Joy Phiri Tendani Lavhengwa Mmatshuene A. Segooa Online banking fraud detection: A comparative study of cases from South Africa and Spain South African Journal of Information Management banking sector online banking online banking fraud fraud detection fraud experts |
| title | Online banking fraud detection: A comparative study of cases from South Africa and Spain |
| title_full | Online banking fraud detection: A comparative study of cases from South Africa and Spain |
| title_fullStr | Online banking fraud detection: A comparative study of cases from South Africa and Spain |
| title_full_unstemmed | Online banking fraud detection: A comparative study of cases from South Africa and Spain |
| title_short | Online banking fraud detection: A comparative study of cases from South Africa and Spain |
| title_sort | online banking fraud detection a comparative study of cases from south africa and spain |
| topic | banking sector online banking online banking fraud fraud detection fraud experts |
| url | https://sajim.co.za/index.php/sajim/article/view/1763 |
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