Financial institution of Ghana is in search of to considerably scale back Computerized Teller Machine (ATM) and cyber-related fraud with the establishing of a Monetary Trade Safety Working Centre, to make sure a safer our on-line world for the banking sector in Ghana.
The peace of mind follows an increase within the quantity and worth of ATM fraud instances and different varieties of fraud, as captured within the 2020 banking business fraud report.
Only in the near past, a 42-year-old man was discovered to be in possession of 656 ATM playing cards linked to 9 banks working in Ghana and Nigeria.
The Governor of Financial institution of Ghana, Dr. Ernest Addison, stated the central financial institution remains to be investigating the case however stated that each one 23 banks within the nation will by subsequent 12 months be linked to the Monetary Trade Safety Working Centre.
“It is a growing matter, we’re investigating it. As you recognize, the monetary providers have gotten technology-driven monetary providers, the chance related to ATMs may even go up. Luckily, we’re wanting very intently at that.”
“Now we have the safety working centre on the Financial institution of Ghana, which screens our cyber resilience. Presently, we’re within the midst of building a Monetary Industries Hub.”
“I imagine the Financial institution of Ghana is prepared, the Agriculture Growth Financial institution is getting linked. Hopefully, by a 12 months from now, we could have all 23 banks linked to the industries hub, and we can monitor the cyber threat related to your entire banking system in Ghana.”
The reported worth of fraud recorded by Banks and Specialised Deposit-Taking Establishments in Ghana in 2020 was about GH¢1 billion.
This represents a rise of over 750 p.c when in comparison with the reported worth of fraud recorded in 2019, which stood at about GH¢115 million. That’s in line with the Financial institution of Ghana’s Banks & SDI Fraud Report for the 12 months 2020.
Per the report, a complete depend of two,670 instances of banking fraud had been recorded in 2020, as in comparison with 2,311 reported instances in 2019.
Among the main fraud varieties within the sector for final 12 months had been ATM and POS fraud, fraudulent withdrawals, in addition to E-money fraud.
Losses from ATM/POS fraud accounted for 32.2 per cent of the full fraud within the sector, recording the very best loss worth of GH¢8.19 million in 2020, up from the GH¢1.26 million recorded in 2019, representing a 548.1 per cent improve.
Based on the report, the outbreak of the COVID-19 pandemic pressured financial institution prospects to make use of various channels for funds and financial institution providers.
However poor private security notion and insufficient buyer sensitization by banking establishments brought on an upsurge in fraud perpetrated by ATM/POS.
The losses incurred because of fraud for 2020 stands at GH¢25.40 million, as in comparison with an estimated lack of GH¢33.44 million in 2019, representing a 24.0 per cent lower.
Addressing to challenge to the media, Governor of the Financial institution of Ghana, Dr. Ernest Addison stated the Central Financial institution is working to determine a Monetary Trade Safety Working Centre to curb the scenario.
