Banking sector urged to adopt advanced measures against fraud

The Ghana Association of Bankers (GAB) has urged financial institutions to implement advanced measures to counter complex fraud schemes, based on the Bank of Ghana's 2023 fraud report.

Key recommendations include adopting data analytics, zero-trust security, and blockchain for transaction transparency.

Despite a decrease in fraud attempts, financial losses have risen, with GH¢88 million lost in 2023.

Notably, 92.37% of incidents involved Payment Service Providers (PSPs), highlighting vulnerabilities in digital services. Staff involvement in fraud rose by 46%, prompting calls for stricter internal controls and enhanced employee vetting.

Read full article