Published Article

ABSTRACT

The study empirically examined modern methods of prevention and detection of Retail Point of Sale Common Frauds. Five specific objectives, research questions and one null hypothesis was formulated to guide the study. The study adopted a descriptive survey design and the study was undertaken in Nigeria. The population of the study consisted of bankers and POS operators in Nigeria. A stratified sampling technique was used in selecting 300 respondents (made up of 150 bankers and 150 POS operators) selected from three out of six geographical zones in Nigeria. The instrument, titled "Modern Methods of Prevention and Detection of Retail Point of Sale Common Frauds Questionnaire (MMPDRPOSCFQ)", was used for data collection. Face and content validation of the instrument was carried out by an expert in baking and finance to ensure that the instrument was recorded with accuracy while the Cronbach Alpha technique was used to determine the level of reliability of the instrument. Interestingly, the reliability coefficient obtained was 0.86, which was high enough to justify the use of the instrument. The researcher subjected the data generated for this study to appropriate statistical techniques such as percentage analysis in answering the research questions and simple regression analysis in testing the hypothesis. The test for significance was done at a 0.05 alpha level. Based on the results, the study concluded that there is significant impact of fraud prevention and detection on economic development. One of the recommendations made was that POS business operators should establish a work ethics unit; reduce excessive confidence in employees; and emphasise leadership by example in order to promote continuity of operations within the organisation.

KEYWORDS: Retail Point of Sale, Frauds Modern Methods of Prevention and Detection