Assessing the strategies of combating records theft and vandalism in banking institutions

Abstract

The study assessed the strategies of combating records theft and vandalism at DFCU Bank – Makerere University Branch. The objectives of the study were; to identify and discuss the various forms of theft and vandalism of records, to examine the strategies for effective and efficient way of combating of theft and vandalism of records, and to propose an efficient framework for the protection of records against theft and vandalism. This study adopted a descriptive survey design. The target population comprised of Bank Staff and Clients. This study randomly and purposively considered 66 respondents. Both primary and secondary data were employed to determine the objectives of this study. Collection of primary data involved use of questionnaires and interview guides. Microsoft Excel was used for analysis.

The banking institution has a records management system in place which ensures that banking records are securely handled to avoid their theft and vandalism (90%). Findings on various forms of theft and vandalism of records as put forward by the respondents included: - use of technology to intercept bank communication and transfer of records, coordination of staff with the fraudsters, loss of computer records through modification / deletion by the staff, failure to correctly decrypt the encrypted records, record forgeries, among others. The strategies for effective and efficient way of combating of theft and vandalism of records in banking institution as gathered during the interviews include: prevention, proper identification of employees and other bank users, use of address verification system, no use of free emails, real time theft and vandalism detection solutions, technology advancement, proper vetting of new employees, among others. The recommendations include: - banking institutions should carry out irregular/unusual transaction monitoring, authentication of account documents, application of corporate policy or code of conduct, and adequate background check should be performed on new employees whose target may be to get involved in theft and vandalism of vital bank records upon employment, banks should also ensure that they employ the latest technology as this will strengthen their internal controls hence reduce theft and vandalism of records, the banks should put in place enhanced and adequate reward strategies for its employees who fight theft and vandalism of their records to avoid them being easily bribed by the offenders; among others.