In a story published in today’s issue of The Chronicle, MasterCard, a global payment technology company has bemoaned that Ghana lost GH¢49.5 million in direct financial losses through cyber fraud activities between January and June of 2023, highlighting the need for concerted efforts to safeguard the financial services industry and government from attacks.
With cybercrime on the rise, including identity theft and phishing, Mastercard prioritises fraud prevention and cyber-security worldwide, including Ghana.
Bossman Kwapong, the Country Director for Ghana at Mastercard, stated that his outfit is not only investing in innovation and collaborations, but also providing an avenue for stakeholders to discuss best practices to ensure cyber resilience in the country.
He added that, “In Ghana, the proliferation of digital services has brought unprecedented convenience to consumers and businesses alike, however, with this increased connectivity comes an alarming rise in cyber threats, posing significant risks to both financial institutions and their consumers.”
The rapid digitization of services in Ghana has undoubtedly brought immense benefits, making transactions more accessible and efficient for both consumers and businesses. However, this digital transformation has also exposed vulnerabilities that malicious actors are quick to exploit. Cybercrime, including identity theft, phishing and financial fraud, has become a pressing concern that cannot be ignored.
It is not merely about protecting financial institutions, but safeguarding the trust and confidence of consumers in digital transactions. The integrity of Ghana’s financial services industry hinges on its ability to combat cyber threats effectively.
The emphasis on fraud prevention and cyber security initiatives is commendable and serves as a model for other stakeholders to follow suit. Collaboration between public and private sectors, as well as international partnerships, is paramount in creating a resilient cyber security ecosystem.
The role of the Ghana Cyber Security Authority in addressing cybercrime in Ghana cannot be overstated. Their mandate to monitor, detect and respond to cyber threats is crucial in mitigating risks and protecting critical infrastructures.
The Chronicle finds it imperative for all stakeholders – government agencies, financial institutions, technology companies, and consumers – to collaborate effectively in the fight against cybercrime. Especially looking at the rise in Mobile Money fraud. The goal is not just to recover losses, but to prevent future incidents and ensure a secure digital environment for all.
Already, the country is in economic hardship and robbing people off their hard earned money is unfair and should not be tolerated at all. The Cyber Security Authority must up their game and expedite immediate action to address cyber fraud in the country and those found culpable should be dealt with severely by the law.
