Minister Urges Banks and SDIs to Invest in Cybersecurity to Combat Financial Fraud

Date:

Share post:

The Minister of Communications and Digitalisation, Mrs. Ursula Owusu-Ekuful, has called on banks and specialised deposit-taking institutions (SDIs) to invest in robust cybersecurity systems to counter cyber fraud and mitigate financial losses. She also encouraged them to invest in digital forensic capabilities to collect, preserve, and analyze digital evidence for prosecuting such crimes.

Mrs. Owusu-Ekuful made these remarks at the inaugural Ethics and Forensic Excellence Awards organized by the Chartered Institute of Tax Law and Forensic Accountants (CITLFA) in Accra. The event recognized and awarded 26 individuals, including Associate Members and Chartered Fellows of the Institute, as well as commendable institutions such as Metropolitan, Municipal and District Assemblies (MMDAs) and rural banks.

Speaking on the theme “Harnessing the Convergence Role Between Forensic Accounting, Financial Crime and Cyber Security,” Mrs. Owusu-Ekuful highlighted the increasing prevalence of financially motivated crimes due to the growing adoption of digital systems and services in daily socio-economic activities. She referred to INTERPOL’s reports, which identified Business Email Compromise (BEC) and Ransomware as prominent cyber threats of a financial nature.

The Minister referenced the 2022 Banks, SDIs, and Payment Service Providers (PSPs) Fraud Report published by the Bank of Ghana, revealing that the top five fraud categories were cash suppression, cyber or email fraud, fraudulent withdrawals, impersonation, and e-money fraud. Additionally, data from the Cyber Security Authority (CSA) indicated that fraudulent online activities accounted for the highest reported cyber-related incidents, constituting 34% of the overall 1,266 reported cyber incidents from 2020 to the first half of 2023.

In light of these challenges, Mrs. Owusu-Ekuful stressed the importance of collaboration and information sharing among sector regulators, law enforcement agencies, financial institutions, and other stakeholders. She also emphasized the need for financial organizations to adhere to regulations, industry-specific standards, and data protection laws to ensure the security and privacy of financial data.

Mr. Kwaku Nkrumah, President of CITLFA, echoed the significance of combatting cybercrime, citing a Bank of Ghana report that revealed Ghana lost GH¢114 million to fraud in 2021. He called on financial organizations to collaborate with professional bodies like CITLFA to address financial fraud effectively and safeguard economic growth.

Related articles

Effutu records 300 suspected cholera cases, 29 confirmed, two deaths

The Effutu Directorate of the Ghana Health Service has confirmed 29 of the 300 suspected cholera cases with...

Canada vows swift retaliation to ‘unjustified’ Trump tariffs

Canada will give a "firm and clear" response to the latest trade barriers planned by US President Donald...

‘Bayern stars desperate to make up for lost season’

Bayern Munich's club motto is not meant to come across as arrogant. Translated into English it means: "We...

A rivalry of our times – why Man City & Real are fighting for their lives

Real Madrid v Manchester City in a Champions League knockout match. It is becoming a classic rivalry of...