Our investment in security systems will minimize fraud cases – GAB

The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems.

President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters from becoming successful and where the transactions even go through our systems can help us trace and track these people.” This comes on the back of a recent collaboration between The Economic and Organized Crime Office (EOCO) and the Ghana Association of Banks which led to the arrest of four persons in GHC200k SIM swap fraud.

In the 2020 banking sector fraud report released by the Bank of Ghana, Banks recorded a marginal increase in reported fraud incidents with a minimal decrease in losses.

The reduction in losses was mainly due to a reduction in the rate of success for most fraud types.

Despite these, Bank officials have over the period been reported to have played significant roles in some of these financial frauds, however, President of the Association, John Awuah, says efforts are being made to rid the sector of such dubious individuals.

“In some cases, much as we do all the security checks or the background work and the like, there are instances where one or two filtered through when you are employing over 17,000 people across all the banks, clearly you won’t say that one or two will not fall through the cracks and become a problem or impeding on the industry”.

Source:citibusinessnews