Critically Evaluate Consumers’ Perceptions Of Electronic Banking Fraud In The UK (2007)
Electronic Banking Fraud Dissertation – Banking has come a long way since the days of simply opening an account, depositing and withdrawing money. Now consumers have access to a wide range of different accounts, from current accounts to ISAs. There are also many different ways to bank: by phone, at a post office, face to face in a local branch, and online. Consumers can even withdraw money in shops using ‘Chip and PIN’. The varieties of methods available allow people to save time when they bank. However, with these new ways of banking come consequences such as fraud.
There are many different frauds associated with banking. One example is identity fraud, where a fraudster assumes the identity of a bank consumer by stealing information relating to the consumer. Other examples are credit/debit card fraud, where money is withdrawn from a stolen card, cheque fraud, where the value of a cheque is changed, and finally electronic fraud (online fraud), consisting of email scams and fake websites.
Many organisations have carried out research on how consumers bank, from the banks themselves to individual bodies and services such as watchdog consumer companies. However, there has been little research into how consumers feel about online banking and fraud. Reya (2005) indicates that in the last financial year, the Serious Fraud Office investigated cases estimated to have cost Corporate Britain more than £2 billion. More worryingly, the Association of Certified Fraud Examiners estimates that companies lose 6% of their annual revenue to fraud.
These kinds of statistics are alarming but startups indicate that Chip and PIN technology has helped cut credit card fraud by 13 per cent in the last year, its first decline in a decade, according to new figures. Data from the Association of Payment Clearing Services (APACS) shows that losses due to the fraudulent use of credit and debit cards fell last year by £65m to £439m. However, this means that online fraud is on the increase and not all aspects of fraud are investigated.
Banks and governments must put tough measures in place to decrease fraud or eliminate it altogether. To do this, aspects of security have to be looked at. Fighting fraud is never going to succeed with a single-layered approach. It requires different sectors – including public and private – to work together on developing and implementing strategies, sharing best practice and, most importantly, sharing data. We need Government intervention to remove the current barriers to this and we welcome improvements proposed in the Fraud Review and the Serious Crime Bill.
The main aim of this study is to critically evaluate consumers’ perceptions of electronic banking (e-banking) fraud to determine whether banks need to review their company security policies and procedures to address customers’ concerns. To achieve this, there will be three objectives: firstly, to critically review current literature on online banking to identify and analyse the threats of online fraud, secondly, to review research to evaluate current UK e-banking security measures and procedures to prevent e-banking fraud, and finally to undertake primary research using questionnaires to explore and compare users’ and non-users’ perceptions of online banking.
The issues, types, advantages and disadvantage of e-banking fraud will be looked at and critically assessed. Also, the researcher will look at what the government and banks are doing to prevent e-banking fraud. Finally, the researcher will distribute a questionnaire to determine consumers’ views on e-banking fraud and investigate how many of them have experienced fraud themselves.
- 10,000 words – 55 pages in length
- Excellent use of literature
- Expertly written throughout
- Includes questionnaire
- Ideal for IT students
2. Literature Review
Development of E-banking
Types of Threats
Protect Consumers Privacy
Help Keep Consumers Transactions Secure
Passwords or personal identification numbers
3. Research Methods
Qualitative and Quantitative
General and E-banking Results