Electronic Card Payment Risks: Combating Card Fraud amidst Liquidity Crisis in Zimbabwe

For the past three years, the Zimbabwean retail sector has experienced an upswing in electronic payment system amidst a persistent liquidity crunch. As a result, incidents of card fraud are also creeping into the retail sector. This study explored the nature of fraudulent activities in the retail sector card payment systems and suggested prescriptive measures for dealing with electronic card fraud. The study was conducted in Harare central business district, with a total of 136 respondents. Lost card fraud and counterfeit card fraud were viewed to be the prevalent card-related fraudulent activities in the retail sector and this is in sharp contrast with developed nations where card not present transactions and application fraud are high. Punitive measures for errand employees who collude with fraudsters, security consciousness on the part of the card holders and close cooperation between retailers and financial institutions were the major recommendations.