Hexagon Model and Cyber Fraud of Listed Commercial Banks in Nigeria

Abstract

The study ascertained the effect of hexagon model on cyberfraud in listed commercial banks in Nigeria, using rationalization and capability as the independent variables. A sample size of 396 respondents was determined through Yaro Yamene from a population of 43,583 and selected through stratified sampling to ensure proportional representation. Rational Choice Theory was used as the theoretical anchorage because of its high relevance to the hypotheses guiding the study. The findings revealed that rationalization has a significant and positive effect on cyberfraud in the listed commercial banks in Nigeria (β = 0.128, p = 0.045); and capability has a significant and positive effect on cyberfraud in the listed commercial banks in Nigeria (β = 0.259, p = 0.007). The study recommended among others that compliance officers and ethics units should organize regular ethics training and awareness programs that reinforce zero tolerance for fraud, regardless of justification. These programs should help employees understand the legal, financial, and reputational damage of fraud, thereby discouraging them from justifying unethical behavior through rationalization.