GAB proposes multi-pronged approach to combat banking fraud

Accra, Ghana - October 18, 2024 -The Ghana Association of Banks (GAB) has proposed a comprehensive plan to bolster the banking sector's defenses against increasingly sophisticated fraud schemes.

This move follows the release of the Bank of Ghana's (BoG) Fraud Report, which revealed alarming vulnerabilities in the sector between 2019 and 2023.

Key Initiatives:

- Advanced Technologies: Investing in artificial intelligence (AI) and machine learning for real-time fraud detection and prevention 
- Zero-Trust Security: Implementing a security framework that continuously verifies user and device identities to minimize insider threats 
- Blockchain Technology: Utilizing blockchain to record and validate transactions, preventing document forgery and ensuring transparency 
- Staff Vetting: Enhancing staff vetting processes and promoting a strong ethical culture through training programs
- Whistleblowing: Encouraging employees to report suspicious activity without fear of retribution
- Customer Education: Equipping customers with knowledge and tools to protect themselves from cyberattacks
- Employee Well-being: Addressing employee financial pressures to reduce fraud motivated by economic stress

These measures aim to fortify the banking industry's fraud prevention capabilities, aligning with the BoG's objectives to ensure a secure and resilient financial sector. 

Source: Florence Kyei /Lead News Online