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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    McDan suspends private jet operations; asks for guidance and further talks

    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

    Mobile money association of Ghana petitions minority to reject E-levy

    Three startups begin incubation at Ho Node Hub

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

    Too many tax policy inconsistencies worrying – Tax Analyst

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    Extensive consultations held; e-levy to be re-laid in Parliament – Ofori-Atta

    Medical Solutions APP ‘Pocket Pharmacy’ wins Ho Startup summit pitch contest

    Microsoft poaches IBM’s Angela Kyeramaten-Jimoh as new strategic partnership lead for Africa

    MTN apologizes for disruption in MOMO services

    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

    Works of extension of a road

    MTN to sue road contractors for fibre cuts

    Stakeholders call for robust labour standards to improve working conditions of gig workers

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    GISPA conference highlights the need for data localization, protection and economization

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

    More partnerships needed to drive intra-Africa trade – Wamkele Mene

    AfCFTA member states urged to develop right policy frameworks to promote SEZ development

    Heads of standards bodies in Accra for 65th ARSO Council Meeting

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Cyber fraudsters attempt stealing GH¢329.7mn from banks — new BoG report

bycitibusinessnews
September 2, 2019
in Banking And Finance, Business, Economy
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The Bank of Ghana’s 2018 report on fraud in the banking sector has revealed that cyber fraudsters attempted to steal at least GH¢325.9 million from financial institutions operating the country.

The report prepared by the Financial Stability Department of the central bank and sighted by Citi Business News stated that the amount involved represents a 190 percent increase in the value reported in 2017.

In that year, cyber fraudsters had attempted to steal more than GH¢116 million from banks among other financial institutions.

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Despite the increase in the attempted value, the BoG reported that GH¢325.8 million was recovered; meaning that banks actually lost GH¢3.7 million to these cyber fraudsters.

The central bank’s report also points to the fact while banks reported 36 incidents of cyber fraud in 2017, that figure shot up to 174 which represents a more than 380 percent increase year on year.

Explaining the modus operandi of the criminals, the Bank of Ghana explained that fraud cases related to cyber-crime in 2018 mainly involved email fraud, fraud through the use of internet banking platforms and fraud perpetrated through the mobile money or other digital payment platforms.

With the upsurge in the linkage of customers’ bank accounts to their mobile money wallets, fraudsters are able to transfer monies from customers’ accounts whenever their mobile money or mobile banking credentials are compromised.

Most common type adopted was email phishing where customers were lured through emails to either update or verify passwords and in the process steal sensitive information of customers.

17 Some reported cases also involved fraudsters hacking into customers email and sending instructions to the customer’s bank for monies to be transferred to either a domestic account or an overseas account.

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‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

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