DOI: 10.5255/ukda-sn-857141
title: Public Perception of Cyber Fraud in the Financial Technology Market in Ghana, 2023

description: As Financial Technology (FinTech) services gain popularity and cyber fraud incidents increase worldwide, comprehending public perception in Ghana becomes crucial. This study helps gauge the problem's magnitude and enables policymakers, financial institutions, and technology companies to develop appropriate strategies and preventive measures. Thus, by studying public perception, the study provides insight into consumers' awareness and understanding of cyber fraud risks. This knowledge can be utilized to create targeted educational campaigns and initiatives that empower individuals to safeguard themselves against fraudulent activities. FinTech has the potential to revolutionize financial services by providing innovative and convenient solutions. However, concerns about cyber fraud can undermine trust in these technologies. Understanding public perception helps FinTech companies identify areas lacking trust and work towards enhancing security measures and transparency. Addressing these concerns promotes wider adoption of FinTech services, leading to financial inclusion and economic growth. 

The problem this study addresses examines the impact of perceptions of cyber fraud on Ghana’s FinTech market, in addition to examining the extent of public awareness of cyber fraud, identifying contributing factors to cyber fraud, and measuring the level of satisfaction on preventive and security measures put in place to counter cyber fraud in the FinTech space in Ghana. The overriding aim involves investigating public perceptions of cyber fraud in Ghana's FinTech market and providing insight to regulators, service providers, and stakeholders on the impact of the perceptions on acceptance, adoption, and usage, as well as on effective strategies to enhance cybersecurity and boost confidence in Ghana's FinTech space. The specific aims include:
i. Examining the dynamics of public perception of cyber fraud in Ghana’s FinTech market.
ii. Investigating the factors that encourage cyber fraud activities in Ghana’s FinTech market.
iii. Analyzing the impact of user perceptions of cyber fraud on the acceptance and usage of FinTech products and services in Ghana.

This study on the public perception of cyber fraud within the FinTech market in Ghana embraces a positivist perspective and follows a deductive approach. The study employs a quantitative research strategy with a cross-sectional design. The target population consists of individuals in Ghana who are currently using or have the potential to use fintech services. The data collection process is mainly from primary sources. Primary data are collected through the distribution of a questionnaire, enabling direct information gathering from the respondents. The questionnaire is utilized as the instrument for data collection, carefully designed to capture the participants' perceptions of cyber fraud within the FinTech market. 
In the context of this study, the research variables consist of perceptive reactions from respondents. These perceptions are captured through structured and ordered opinions from respondents. The subject matter of the study revolves around technology acceptance and financial cyber fraud. The setting for this study is the Ghanaian FinTech market. More specifically, the study examines the issues related to perceptions of cyber fraud and the acceptance of FinTech services and products in Ghana.