Banking & Finance

Ghana Association of Banks unveils measures to combat rising fraud threats

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The Ghana Association of Banks (GAB) has introduced a series of measures to bolster the banking sector’s defenses against increasingly sophisticated fraud schemes. This follows the Bank of Ghana’s (BoG) Fraud Report, which highlighted vulnerabilities in the financial system from 2019 to 2023 that require immediate attention.

Key among GAB’s initiatives is the investment in advanced technologies like artificial intelligence (AI) and machine learning to detect fraud. These tools will analyze large amounts of data in real-time to identify suspicious patterns and transactions before fraudulent activities can occur.

GAB is also advocating for the adoption of a “zero-trust” security framework, which continuously verifies the identities of users and devices, reducing the risk of insider threats by ensuring no one is automatically trusted within the system.

Another significant recommendation includes the implementation of blockchain technology to securely record and validate transactions, helping prevent document forgery and enhancing transparency in financial dealings.

The association further emphasizes the need for stronger employee vetting processes and the promotion of ethical practices through training programs. Encouraging whistleblowing will empower staff to report suspicious activities without fear of retribution, adding another layer of protection against internal fraud.

In addition, GAB highlights the importance of educating customers to protect themselves from digital fraud, especially with the growing use of mobile and online banking. Equipping clients with the knowledge and tools to counter cyberattacks is seen as a critical step in fraud prevention.

Finally, addressing employee well-being is a priority, as financial stress on staff could increase the risk of fraud. By supporting their workforce and fostering a fair working environment, banks can reduce the likelihood of economically motivated fraud.

These proposals aim to strengthen the banking industry’s fraud prevention strategies, aligning with the BoG’s efforts to ensure a more secure and resilient financial sector.

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