IMPACT OF ONLINE BANKING FRAUD ON THE DEVELOPMENT OF NIGERIA’S ECONOMY
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IMPACT OF ONLINE BANKING FRAUD ON THE DEVELOPMENT OF NIGERIA’S ECONOMY
Abstract
The influence of online banking fraud on the growth of Nigeria’s economy was the subject of this study. Three goals were set, including:
Recognising and classifying online banking frauds and other related activities in Nigerian financial institutions, as well as their effects on the country’s development; identifying the most efficient control strategies and security precautions for handling bank fraud and forgeries in the Nigerian banking sector;
and comprehending the various management techniques used to prevent or reduce financial crime. The recruited participants provided a total of 77 responses, all of which were verified.
The respondents were all CBN, Uyo staff members. The SPSS Chi-Square statistical tool was used to evaluate the hypothesis.
SECTION THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION
We discussed the research process for this study in this chapter. A research technique is a procedure used to deliver research findings to the target audience for the study, also known as the study beneficiaries, in a methodical and scientific manner.
3.2.1 RESEARCH DESIGN
Research designs are thought of as a broad approach taken by the researcher in which several study elements are logically combined to effectively address a research problem. The researcher used a survey research design for this investigation.
This is because the study’s design involves sampling people’s opinions and viewpoints. Singleton and Straits (2009) state that survey research can make use of both quantitative and qualitative research techniques (i.e., mixed methods),
as well as quantitative research strategies (i.e., using questionnaires with numerically rated items) and qualitative research strategies (i.e., utilising open-ended questions).
Surveys are widely utilised in social and psychological research because they are frequently used to describe and explore human behaviour.
3.3 POPULATION OF THE STUDY
A research population, according to Udoyen (2019), is a collection of components or individuals, depending on the situation, who share a common trait.
These comparable characteristics may include place, gender, age, sex, or a particular hobby. The focus of the research population is that it consists of people or things that are uniform in their descriptions.
This study looked at how the growth of Nigeria’s economy was impacted by internet banking fraud. The study’s population is made up of CBN and Uyo.
3.4 SAMPLE SIZE DETERMINATION
A study sample is only a carefully chosen portion of a population from which the results are inferred. In essence, it is that portion of a whole that exemplifies the entirety and has traits in common with it (Udoyen, 2019). In order to estimate the sample size for this study, the researcher used a practical sampling technique.
3.5 PROCEDURE AND TECHNIQUE OF SAMPLE SIZE SELECTION
Nwana (2005) defined sampling techniques as methods used to systematically choose the desired sample in a predetermined manner while maintaining controls. Convenience sampling was used in this study to choose the respondents from the entire population.
In order to estimate the sample size for this study, the researcher used a practical sampling technique. The researcher readily chose 80 individuals from among the total staff of CBN, Uyo, as the sample size for this investigation.
A sample of convenience is referred to as one in which components were chosen from the target population based on their accessibility or convenience to the researcher, according to Torty (2021).
3.6 RESEARCH INSTRUMENT AND ADMINISTRATION
The questionnaire was the research tool employed in this study. The enrolled participants were given access to an online survey that contained a number of questions.
The questionnaire was split into two pieces; the first asked about respondents’ demographic or personal information, and the second was in keeping with the study’s aims and sought to answer the questions it posed.
To respond, participants had to tick the relevant box in the column. The researcher herself gave the questionnaire.
3.7 METHOD OF DATA COLLECTION
Data were gathered using primary source and secondary source methodologies, respectively. The secondary sources are textbooks, the internet, journals, published and unpublished articles, and government publications, whereas the primary sources were questionnaires.
3.8 METHOD OF DATA ANALYSIS
The Chi-Square statistical calculator in SPSS version 23 was used to do the hypothesis test.
3.9 VALIDITY OF THE STUDY
The degree or extent to which an instrument genuinely measures what it is supposed to assess is the validity being discussed here. An instrument is reliable to the extent that it is developed to meet the goals of the study.
The project manager utilised his intellectual abilities to critically, analytically, and logically assess the instruments relevance of the contents and assertions, making the instrument valid for the study. The researcher created the questionnaire for the study and submitted it to him.
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