Accra, Ghana

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BoG must ensure banks obey new cyber fraud rules–consultant   

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Some financial risk consultants have urged the Bank of Ghana to strictly ensure banks comply with robust plans yet to be implemented to reduce the impact of cyber-crime.

The Central Bank is embarking on new strategies to reduce cyber-crime to the barest minimum.

Among the robust plans is the need for banks to train all employees as well as keep an up to date data of all information about employees.

The bank of Ghana has disclosed that in 2017, fraud cases increased by 41.66 percent from 1,001 cases recorded in 2016 to 1,418.

In the same year, the total value for reported fraud amounted to approximately 190.38 million cedis of which 30 million cedis was reported as losses.

The frauds and attempted cases relate to remittance fraud, cyber fraud, cheques cloning, impersonation, ATM fraud among others.

In an interview with Citi Business News, Business Risk Consultant and CEO of GAVAC Business Solutions, Harry Baiden said the BoG must develop stricter measures in ensuring compliance with the new plans towards reducing cyber-crime.

“We need to make sure that we are hiring the right individuals, we are finding out why they left seven institutions. One thing I’ve also realized is that if we conduct thorough checks, we will be able to minimize these cases”, he stated.

The move by the BoG is to protect and enhance public confidence in the country’s banking system.

Recently, the central bank also issued fresh directives compelling banks to comply with new anti-money laundering and cybercrime rules.

Failure to abide by this could see a financial institution fined as much as 60,000 cedis

Mr. Baiden further believes the new plans when effected will strengthen the financial sector.

By: Jessica Ayorkor Aryee/

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