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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

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    E-cedi will not affect MoMo business – Bank of Ghana

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    BoG to hold emergency MPC meeting on Wednesday

    BoG, EOCO deepen collaboration to build robust financial sector

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

byMichael Ogbodu
July 6, 2022
in Banking And Finance, Top Stories
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Cyber security firm, e-Crime Bureau is encouraging businesses in the financial sector to beef up their security and ensure they safeguard their systems to mitigate the occurrence of fraud.

This follows a recent report by the bank of Ghana which indicated an increase in fraud-related losses by Banks and specialized deposit taking institutions in Ghana in 2021 to GH¢61 million as compared to figures from 2020

Principal Consultant at the e-Crime Bureau, Philip Debrah Danquah finds the development rather worrying.

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“It gives you the sense to think about what is really happening? You have to do a direct introspection on what is really happening, which is why our professional advice is that the financial institution shouldn’t gloss over the issues that happened, they should interrogate it by investigation. They should use a more proactive intelligence approach in trying to anticipate some of these things that happen.”

The rise in the amount lost to fraud per the report by the bank of Ghana was 144 % higher than that of the previous year that is 2020.

This is despite the fact that the number of cases recorded from last year had reduced significantly by about 12 percent.

The significant fraud types that accounted for the GH¢61 million loss included ATM card/POS fraud, impersonation, lending and credit fraud, forgery and manipulation of documents, cash suppression and E-money fraud.

The increase in usage of electronic and digital platforms in the financial sector resulted in an increase in ATM card/POS fraud

Mr Danquah stated that the situation raised a lot of concern and efforts must be made to urgently curtail it.

“It can go a bit sophisticated that is why the banks need to really understand that there could be miscreants within the people in the organization who are trying to help them protect the investment of stakeholders and the deposits of clients.”

“They need to be more proactive and institute certain whistleblower measures to ensure that people are found out through some of these approaches whereby they can be criminalized and those that are able to identify those perpetrating the fraud within are also given the praise.”

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