The Ghana Association of Banks (GAB) has introduced a range of initiatives aimed at bolstering the banking sector’s defences against increasingly sophisticated fraud schemes, following the release of the Bank of Ghana’s (BoG) Fraud Report covering trends from 2019 to 2023.
Key recommendations include the adoption of advanced technologies like artificial intelligence (AI) and machine learning for real-time fraud detection, as well as a “zero-trust” security framework that continuously verifies users to minimize insider threats.
The Ghana Association of Banks also advocates for blockchain technology to ensure secure transaction records, improved staff vetting, and the promotion of an ethical culture through employee training and whistleblowing initiatives.
Customer education on cyber threats is emphasized to enhance digital banking security, while addressing employee well-being is seen as crucial to reducing the risk of financially-motivated internal fraud.
These measures align with BoG’s objectives to strengthen the resilience of Ghana’s financial sector.
