STRATEGIES FOR ENHANCING THE AVAILABILITY AND UTILIZATION OF TECHNOLOGICAL APPLICATIONS FOR FINANCIAL FRAUD CONTROL AND PREVENTION IN COMMERCIAL BANKS IN ANAMBRA STATE

Abstract

The study identified strategies to enhance the availability and utilization of technological applications for financial fraud prevention and control in commercial banks in Anambra State. The study adopted a descriptive survey research design. One research question guided the study, and one hypothesis was tested at 0.05 level of significance. The study population comprised 1,092 management staff from 156 commercial banks operating in Anambra State. Proportionate Stratified Random Sampling was used to select 624 respondents as a sample for the study. A structured questionnaire containing 12 items was used in the study. Three experts validated the questionnaire. The reliability of the questionnaire was ascertained using Cronbach’s alpha method, and the reliability coefficient of 0.89 was established. Copies of the questionnaire were administered by the researcher with the help of three research assistants. Data collected were analyzed using mean and standard deviation to answer the research question, while the z-test was used to test the null hypothesis at a 0.05 level of significance. The study's findings revealed that the listed strategies, such as the acquisition of anti-fraud technologies, should be exempt from taxation. Fraud control and prevention systems should be regularly reviewed and updated to align with emerging technologies, among other factors, to enhance the availability and use of technological applications for financial fraud control and prevention in commercial banks. It is recommended, among other measures, that banks allocate adequate funds in their annual budgets for the acquisition, installation, and regular upgrading of technological applications to strengthen financial fraud control and prevention activities.