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On the limits of trust

On the limits of trust PurposeThis paper aims to investigate automated teller machine (ATM) fraud in southwest Nigeria, as extant studies have not examined the unintended consequences of ATM subscription particularly the effect of the identity of fraudsters and the strategies for defrauding.Design/methodology/approachUsing sequential exploratory strand of mixed method, data were collected from both ATM users and victims of ATM fraud using multi-stage sampling procedure. This involved purposive selection of Lagos and Oyo states.FindingsResults showed that fraudsters were typically lovers, friends, relatives and sometimes children of victims. Strategies for defrauding included card cloning, swapping of cards and physical attacks at ATM galleries.Research limitations/implicationsBecause of the size of the sample which is small, the research results may lack generalizability. More expansive works are needed across Nigeria in this regard.Practical implicationsThe paper includes implications for policy initiative concerning the deployment and use of payment systems such as ATM in Nigeria.Social implicationsThe paper reveals the limits of trust in cashless policy. It raises salient policy issues concerning the need for the governance of trust to engender adoption.Originality/valueThe paper characterizes fraudsters and their strategies for defrauding. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

On the limits of trust

Tade, Oludayo; Adeniyi, Oluwatosin
Journal of Financial Crime , Volume 23 (4): 14 – Oct 3, 2016
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14 pages

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1359-0790
DOI
10.1108/JFC-04-2015-0023
Publisher site
See Article on Publisher Site

Abstract

PurposeThis paper aims to investigate automated teller machine (ATM) fraud in southwest Nigeria, as extant studies have not examined the unintended consequences of ATM subscription particularly the effect of the identity of fraudsters and the strategies for defrauding.Design/methodology/approachUsing sequential exploratory strand of mixed method, data were collected from both ATM users and victims of ATM fraud using multi-stage sampling procedure. This involved purposive selection of Lagos and Oyo states.FindingsResults showed that fraudsters were typically lovers, friends, relatives and sometimes children of victims. Strategies for defrauding included card cloning, swapping of cards and physical attacks at ATM galleries.Research limitations/implicationsBecause of the size of the sample which is small, the research results may lack generalizability. More expansive works are needed across Nigeria in this regard.Practical implicationsThe paper includes implications for policy initiative concerning the deployment and use of payment systems such as ATM in Nigeria.Social implicationsThe paper reveals the limits of trust in cashless policy. It raises salient policy issues concerning the need for the governance of trust to engender adoption.Originality/valueThe paper characterizes fraudsters and their strategies for defrauding.

Journal

Journal of Financial Crime – Emerald Publishing

Published: Oct 3, 2016

References

  • E-banking as new frontiers for banks