Ghana Association of Banks makes 7 recommendations to combat fraud in the financial sector

The Ghana Association of Banks (GAB) has recommended strategies to combat rising fraud in the banking sector, based on the Bank of Ghana’s Fraud Report (2019-2023).

Key proposals include adopting AI-driven data analytics for fraud detection, implementing zero-trust security frameworks, enhancing staff vetting and ethical training, and exploring blockchain technology. GAB also emphasizes staff welfare and lifestyle audits to prevent internal fraud.

Additionally, customer education on cybersecurity is crucial. The BoG report revealed a 5% rise in fraud cases in 2023, with total losses increasing 7% year-on-year to approximately Gh¢88 million.