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.
 to bolster their cybersecurity systems as a countermeasure against cyber fraud and financial losses. Speaking at an event, Mrs. Owusu-Ekuful highlighted the growing prevalence of financially motivated cybercrimes, underscoring the need for investments in digital forensic capabilities for evidence collection and analysis. She emphasized collaboration among regulators, law enforcement, financial institutions, and stakeholders to address these challenges. The call comes amidst rising concerns about cyber threats in Ghana's digital landscape, as evidenced by recent fraud reports and cyber incident statistics.){kind=link}