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Open Access
Article
Publication date: 1 February 2023

Oluwatoyin Esther Akinbowale, Heinz Eckart Klingelhöfer and Mulatu Fekadu Zerihun

The purpose of this study is to assess the impact of cyberfraud in the South African banks with the aim to provide recommendations to effectively mitigate it.

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Abstract

Purpose

The purpose of this study is to assess the impact of cyberfraud in the South African banks with the aim to provide recommendations to effectively mitigate it.

Design/methodology/approach

The study uses a qualitative approach involving the use of structured questionnaires. The questionnaires were made available to the staff of 17 licensed banks in South Africa who deal with management, operation, administration and banking services. Two hypotheses were formulated and non-parametric statistical analyses involving the use of Chi-square test, Fischer’s Exact test and Spearman’s correlation were carried out. The two hypotheses formulated were tested to draw a conclusion.

Findings

The results obtained indicate that the impact of cyberfraud in the South African banking industry is highly significant and has affected the reputation of some of the banks. This calls for the need to review the diverse ways of curbing cyberfraud to lessen their impact and that of associated fraud risks on the banking operation.

Practical implications

This study provides an analysis on the relationship cyberfraud occurrences and the reputation of South African banks. The implementation of the recommendations may reinforce the existing security measures in the fight against cyberfraud.

Originality/value

The novelty of this study lies in the fact that the assessment of the impact of cyberfraud on the banking industry in South Africa has not been sufficiently highlighted by the existing literature.

Details

Journal of Financial Crime, vol. 31 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 28 August 2023

Abdallah Mrindoko Ally

This paper aims to assess the legal and regulatory framework for mobile banking (M-banking) in Tanzania. The technological development in information and communication…

Abstract

Purpose

This paper aims to assess the legal and regulatory framework for mobile banking (M-banking) in Tanzania. The technological development in information and communication technologies has converted a mobile phone from a simple communication device to a very complex instrument that allows people to perform various digital transactions and extra operations such as web browsing and email reading. Such tremendous developments have brought in place the regime of M-banking. The birth of M-banking has brought legal and institutional challenges that were not anticipated before. It has complicated the traditional role of the telecommunication regulator and financial regulator in the business and caused legal gaps that need to be bridged.

Design/methodology/approach

To disclose the legal gaps and bridge them, the study used doctrinal legal method and comparative study to learn the experience of international legal instruments and policies and laws of other jurisdictions. This paper has evaluated the contribution of international legal instruments and legal frameworks of foreign jurisdictions such as Kenya and the Philippines.

Findings

It has been revealed that the prevailing laws regulating M-banking in Tanzania do not adequately address and bridge the existing legal gaps. There is a need to enact a specific law regulating M-banking and confer such powers to a specific institution to deal with regulatory issues.

Originality/value

This paper stresses the importance of enacting new laws that will offer room for financial inclusion in the digital economy and protect consumers against financial risk. It also intends to act as a catalyst and change agent in policy and legislative development in the M-banking industry. It would also bring special attention to addressing consumer rights, security and risky issues surrounding the M-banking industry. Although several other authors in Tanzania have written in this area, they have not clearly focused on disclosing the existing legal gaps resulting from the convergence of the financial and communication sectors. This paper is therefore trying to offer an extensive discussion on the legislative development in the M-banking industry in Tanzania.

Details

International Journal of Law and Management, vol. 66 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 16 January 2024

Arief Rijanto

Know your customer (KYC), accounting standards, issuance, clearing, and trade settlement became the major barrier to implement accounting, accountability and assurance process in…

Abstract

Purpose

Know your customer (KYC), accounting standards, issuance, clearing, and trade settlement became the major barrier to implement accounting, accountability and assurance process in supply chain finance (SCF). Blockchain technology features have the potential to solve accounting problems. This research focuses on exploring how blockchain technology provides solutions to overcome the barriers of accounting process in SCF. The benefits, opportunities, costs and risks related to blockchain adoption are also explored.

Design/methodology/approach

Multi-case study and qualitative methods are used with a framework based on blockchain role to overcome the accounting process barriers. Ten blockchain projects in SCF and 29 interviews of participants as a unit of analysis are considered.

Findings

The findings indicate that blockchain technology offers solutions to solve accounting, accountability and assurance problems in SCF. Validity, verification, smart contracts, automation and enduring data on trade transactions potentially solve those barriers. However, it is also necessary to consider costs such as implementation, technology, education and integration costs. Then there are possible risks such as regulatory compliance, operational, code development and scalability risk. This finding reflects the current status of blockchain technology roles in SCF.

Research limitations/implications

This study unveils blockchain's SCF accounting potential, emphasizing multi-case method limitations and future research prospects. Diverse contexts challenge findings' applicability, warranting cross-industry studies for deeper insights. Addressing selection bias and integrating quantitative measures can enhance understanding of blockchain's accounting impact.

Practical implications

Accounting professionals can get an idea of the future direction and impact of blockchain technology on accounting, accountability and assurance processes.

Originality/value

This study provides initial findings on the potential, costs and risks of blockchain that is beneficial for parties involved in SCF, especially for banks and insurance underwriters. In addition, the findings also provide direction for the contribution of blockchain technology to accounting theory in the future.

Details

Asian Review of Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1321-7348

Keywords

Article
Publication date: 14 April 2023

Md. Zahurul Haq

This study aims to investigate Bangladesh’s e-commerce regulations in light of the growing criticism that they are insufficient to curb predicate crimes like fraud and money…

Abstract

Purpose

This study aims to investigate Bangladesh’s e-commerce regulations in light of the growing criticism that they are insufficient to curb predicate crimes like fraud and money laundering in the online marketplace.

Design/methodology/approach

This study used the exploratory design to examine the latest ministerial directives and laws governing e-commerce in Bangladesh to determine why they cannot prevent fraudulent activities in this promising sector and identify potential solutions.

Findings

Bangladesh’s regulatory responses to e-commerce fraud prevention and detection are reactive and inadequate. Regulators are unwilling and unable to enforce available legal provisions for various reasons, including a lack of knowledge and coordination among the agencies.

Research limitations/implications

This paper focuses solely on the legal and regulatory framework in place to combat e-commerce fraud. Other critical issues, such as consumer rights, privacy and data protection in e-commerce, are not addressed.

Practical implications

The findings of this study will assist policymakers in revising current regulatory approaches to e-commerce to protect this sector from criminal abuse.

Originality/value

This study looked into the possibility of using a proactive risk-based approach in the e-commerce sector, similar to what the Bangladesh Financial Intelligence Unit does in the financial sector.

Details

Journal of Money Laundering Control, vol. 27 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Open Access
Article
Publication date: 22 December 2022

Oluwatoyin Esther Akinbowale, Heinz Eckart Klingelhöfer and Mulatu Fekadu Zerihun

This study aims to investigate the feasibility of employing a multi-objectives integer-programming model for effective allocation of resources for cyberfraud mitigation. The…

Abstract

Purpose

This study aims to investigate the feasibility of employing a multi-objectives integer-programming model for effective allocation of resources for cyberfraud mitigation. The formulated objectives are the minimisation of the total allocation cost of the anti-fraud capacities and the maximisation of the forensic accounting capacities in all cyberfraud incident prone spots.

Design/methodology/approach

From the literature survey conducted and primary qualitative data gathered from the 17 licenced banks in South Africa on fraud investigators, the suggested fraud investigators are the organisation’s finance department, the internal audit committee, the external risk manager, accountants and forensic accountants. These five human resource capacities were considered for the formulation of the multi-objectives integer programming (MOIP) model. The MOIP model is employed for the optimisation of the employed capacities for cyberfraud mitigation to ensure the effective allocation and utilisation of human resources. Thus, the MOIP model is validated by a genetic algorithm (GA) solver to obtain the Pareto-optimum solution without the violation of the identified constraints.

Findings

The formulated objective functions are optimised simultaneously. The Pareto front for the two objectives of the MOIP model comprises the set of optimal solutions, which are not dominated by any other feasible solution. These are the feasible choices, which indicate the suitability of the MOIP to achieve the set objectives.

Practical implications

The results obtained indicate the feasibility of simultaneously achieving the minimisation of the total allocation cost of the anti-fraud capacities, or the maximisation of the forensic accounting capacities in all cyberfraud incident prone spots – or the trade-off between them, if they cannot be reached simultaneously. This study recommends the use of an iterative MOIP framework for decision-makers which may aid decision-making with respect to the allocation and utilisation of human resources.

Originality/value

The originality of this work lies in the development of multi-objectives integer-programming model for effective allocation of resources for cyberfraud mitigation.

Details

Journal of Financial Crime, vol. 30 no. 6
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 28 February 2023

P.S. Biswa Bhusan Sahoo and Vikas Thakur

To stabilise the financial flow and ensure the smooth operations of the micro, small and medium enterprises (MSMEs), supply chain finance (SCF) is one of the efficient alternative…

Abstract

Purpose

To stabilise the financial flow and ensure the smooth operations of the micro, small and medium enterprises (MSMEs), supply chain finance (SCF) is one of the efficient alternative solutions suggested by various researchers and practitioners. The application of blockchain technology (BT) could maximize the capability and performance of the SCF throughout the supply chain. Therefore, this study aims to identify and analyse the factors of implementing BT-embedded SCF solutions for Indian MSMEs.

Design/methodology/approach

The total interpretative structural modeling (TISM) methodology is applied to explore the hierarchical as well as non-hierarchical relationships among the factors of implementing BT-embedded SCF solutions in Indian MSMEs. Thereafter, the fuzzy-cross-impact matrix-multiplication (F-MICMAC) approach is opted to classify all the factors into four groups depending upon their driving and dependence powers in the overall TISM hierarchy.

Findings

The result of this study revealed that “real-time exchange of information” and “transparent platform” are the most influential factors and play important role in the application of blockchain in SCF in Indian MSMEs. The real-time exchange of information ensures the easy and quick access to data by any partner across the supply chain and, also the data and information remain secure.

Practical implications

The findings of this study help the MSMEs and supply chain managers to implement the blockchain-embedded solutions to overcome the traditional SCF challenges and obstructions by setting up short-term as well as long-term policies and will open the door for future research work.

Originality/value

To the best of the author’s/authors’ knowledge, this study is the first of its kind, where the data is collected from field experts to identify the factors influencing the blockchain-embedded SCF adoption in Indian MSMEs’ perspectives, to tackle the flaws of SCF and strengthen the MSMEs.

Details

Journal of Business & Industrial Marketing, vol. 38 no. 11
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 27 November 2023

Rasha H. Majeed and Alaa A.D. Taha

This paper seeks to investigate the factors influencing auditors' behavioural intentions towards blockchain technology (BT) adoption in Iraqi government banks. It also highlights…

Abstract

Purpose

This paper seeks to investigate the factors influencing auditors' behavioural intentions towards blockchain technology (BT) adoption in Iraqi government banks. It also highlights the relationships between these factors to determine if the proposed model can provide a more comprehensive means of comprehending how auditors in government banks have adopted BT.

Design/methodology/approach

The study uses the unified theory of acceptance and use of technology and expands it by incorporating five external constructs: “system trust”, “cost”, “transparency”, “security” and “auditor's skill.” This study employed a quantitative and exploratory methodology through the gathering and examination of data from 300 auditors. For the evaluation of the measurement and structural models, the authors adopted the partial least squares structural equation modelling approach with SmartPLS v4.

Findings

The findings demonstrate that “auditor's skill and four government features of BT adoption” are major factors in government bank auditors' adoption of BT. Additionally, the findings indicate that social influence is a potent indicator of one's intention to adopt BT in the banking industry.

Research limitations/implications

One limit of this study is the selection of governmental perspective. This study is limited to auditors' opinions, who work at the government banks. Further studies may consider other perspectives in order to provide an in-depth analysis of blockchain.

Practical implications

This paper offers valuable insights into the factors influencing the adoption of blockchain technology in Iraqi governmental banks. It provides empirical evidence supporting auditing units and internal auditors in enhancing their job performance through the adoption of such technology.

Originality/value

This study contributes to the existing literature on technology adoption within the audit profession, specifically examining the use of blockchain technology. By exploring the features of technology adoption within government institutions in the auditing field, it introduces a new perspective, emphasizing the importance of auditor skills.

Details

Asian Review of Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1321-7348

Keywords

Article
Publication date: 10 May 2023

Nasir Sultan, Norazida Mohamed, Mervyn Martin and Hafizah Mohd Latif

This study aims to examine the Financial Action Task Force’s recommendations on virtual currencies (VCs) and how Pakistan has responded to them.

Abstract

Purpose

This study aims to examine the Financial Action Task Force’s recommendations on virtual currencies (VCs) and how Pakistan has responded to them.

Design/methodology/approach

Qualitative document and jurisprudence analysis techniques were used to achieve the study’s goal.

Findings

According to this study, VCs are modern FinTech that no jurisdiction can ignore. However, Pakistan has not adopted regulations to govern VCs but comprehensively prohibits their use. It is primarily due to the apathy of various regimes and regulators. Furthermore, the geographical location, undocumented economy and rampant corruption could facilitate the abuse of VCs for money laundering.

Originality/value

This study has provided a significant overview for developing regulations for VCs in Pakistan and other developing jurisdictions with the same characteristics.

Details

Journal of Money Laundering Control, vol. 27 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 26 July 2022

Meiryani, Sani Muhamad Isa and Johan Muliadi Kerta

In the case of money laundering (ML) originating from the predicate crime of corruption, law enforcers find it difficult to prove all or the existence of a predicate crime on…

Abstract

Purpose

In the case of money laundering (ML) originating from the predicate crime of corruption, law enforcers find it difficult to prove all or the existence of a predicate crime on assets that produce assets. This paper aims to analyze ML in corruption cases in Indonesia.

Design/methodology/approach

This research uses qualitative descriptive methods. This research discusses the law enforcement of corruption which coincides with the crime of ML.

Findings

New findings were discovered where against the corruption case which was carried out concurrently with the crime of money laundering, the value of which was Rp. 1bn and above and has been handled by investigators from the Corruption Eradication Commission (KPK), so the prosecution process is carried out by the public prosecutor from the KPK to continue the trial to the Corruption Court. With respect to cases of criminal acts of corruption, which were carried out concurrently with ML crimes, the value of which was Rp. 1bn and below and had been handled by the prosecutor’s investigators from the start, the prosecution process was carried out by the public prosecutor from the prosecutor’s office to continue the trial to the corruption court.

Originality/value

To the best of the authors’ knowledge, this is the first study to use normative perspective on ML in corruption cases (white-collar crime). In contrast to previous studies that take fraud in general as an object of research, researchers are now interested in focusing more research on detecting suspected ML crimes: a case study on corruption cases in Indonesia.

Details

Journal of Money Laundering Control, vol. 27 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 28 October 2022

Babayo Sule, Usman Sambo and Muhammad Yusuf

This study aims to examine the threats posed by cybercrimes toward the quest for achieving a reliable digital economy and to identify practical strategies for countering the crime.

Abstract

Purpose

This study aims to examine the threats posed by cybercrimes toward the quest for achieving a reliable digital economy and to identify practical strategies for countering the crime.

Design/methodology/approach

A qualitative phenomenological paradigm was used as the methodology. Both primary and secondary sources were consulted for data collection. A thematic analytical interpretation was used for data analysis.

Findings

This study discovered that Nigeria is a leverage environment for using digital economy as a means of diversifying the economy owing to population bulge, and an increase patronage of internet and digital space but the threats of cyberfraudsters is ostracising a substantial number from using it which is decreasing the performance of the digital economy.

Research limitations/implications

The research is limited by the scarcity of resources to widen the horizon of the study particularly the fieldwork and the rampant incidences of cybercrime in Nigeria which poses a difficult task for studying the phenomenon. In addition, this study is constrained by the confidentiality in releasing data owing to the sensitivity of the subject of study and its relationship to national security.

Practical implications

This study presents some suggestions that are plausible in countering the crimes and enhancing the digital economy in Nigeria through effective surveillance, massive information and communication technology (ICT) awareness creation for users and severe penitent sanctions for cybercriminals will help in securing digital spaces.

Social implications

This study has social implications including the suggestion for simplifying digital transactions that will save time, increases economic activities and passive multiple stream income for Nigerians and ease of doing business with less risk of robbery and other cumbersome tasks.

Originality/value

This study has originality value because after the survey of the existing literature, a field work is conducted to have the views of experts on the subject of study which adds value to the subject and originality of the findings.

Details

Journal of Financial Crime, vol. 30 no. 6
Type: Research Article
ISSN: 1359-0790

Keywords

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