The Ghana Association of Banks (GAB) has unveiled new measures aimed at strengthening the banking sector’s defenses against increasingly sophisticated fraud schemes. This initiative comes in response to the recent Fraud Report published by the Bank of Ghana (BoG), which reviewed fraud trends from 2019 to 2023, highlighting key vulnerabilities that require urgent attention.
At the core of GAB’s strategy is the integration of advanced technologies, such as artificial intelligence (AI) and machine learning, to improve fraud detection capabilities. These technologies enable real-time analysis of large data sets, helping identify suspicious activities and block fraudulent transactions before they occur.
Additionally, GAB is advocating for the implementation of a “zero-trust” security framework. Unlike traditional models, this approach requires continuous verification of all users and devices, minimizing the risk of insider threats by eliminating automatic trust within the system.
Another significant recommendation is the use of blockchain technology. This innovation can securely track and verify transactions, helping to prevent document forgery and increase transparency within the financial sector.
Beyond technological upgrades, GAB emphasizes the importance of thorough staff vetting and promoting an ethical workplace culture through dedicated training programs. Encouraging whistleblowing is another key focus, as it enables employees to report suspicious activities without fear of retribution.
With the rise of mobile and online banking, the GAB also stresses the need for customer education on cybersecurity best practices to better safeguard against digital fraud.
The Association also recognizes the link between employee well-being and fraud prevention. It highlights the importance of supporting staff financially and emotionally, noting that personal financial strain can sometimes lead to fraudulent behavior.
These measures are part of a broader effort to enhance fraud prevention in Ghana’s banking industry, aligning with the BoG’s vision of building a more secure and resilient financial system.
SOURCE: http://dew360.net
Join our WhatsApp channel: https://whatsapp.com/channel/0029VakDz4u9RZATWh53yC1a
