The Ghana Association of Banks is calling for stronger intelligence sharing and a unified industry platform to combat financial fraud and improve the recovery of stolen funds, following an estimated recovery rate of just 5% in 2025.
John Awuah, Chief Executive Officer of the Ghana Association of Banks, said banks, fintech companies, payment service providers and telecommunications operators must strengthen collaboration to close security gaps that allow fraudsters to exploit digital financial systems.
Speaking on the sidelines of GCB Bank’s Inside the Scammers’ Playbook fraud awareness event, Mr Awuah stressed that the ability to recover stolen money after a successful scam is essential to maintaining public confidence in digital banking and electronic payment services.
He explained that financial criminals increasingly share information and coordinate their operations, making it necessary for financial institutions to adopt similar cooperative strategies to detect suspicious transactions and respond quickly to fraud incidents.
According to Mr Awuah, establishing a common fraud intelligence and response platform could help banks and other financial service providers trace stolen funds more effectively, including cases where customers unintentionally give fraudsters access to their accounts.
He noted that protecting customers involves more than preventing cyberattacks. Financial institutions must also demonstrate their ability to assist victims and recover funds when security systems are compromised.
Mr Awuah believes improved cooperation and investment in shared fraud-prevention technology could increase recovery rates and make financial scams less attractive to criminals.
GCB Bank Intensifies Customer Education on Financial Scams
Meanwhile, GCB Bank has reaffirmed its commitment to customer education as a key component of its financial fraud prevention strategy.
Cynthia Ofori-Dwumfuo, the bank’s Chief Marketing, Communications and Customer Experience Officer, said the Inside the Scammers’ Playbook event brought together several institutions involved in Ghana’s cybersecurity and financial security efforts.
Participants included the National Signals Bureau, the Cybersecurity Authority, the Cybersecurity Unit of the Criminal Investigations Department (CID), the Ghana Association of Banks and GCB Bank’s internal cybersecurity team.
Held as part of GCB Bank’s Customer Service Month, the initiative aimed to educate customers on common scam techniques and help them recognise suspicious communications before responding to them.
The bank is also promoting its GCB Ɛyɛ Azaa Campaign, alongside the Ghana Association of Banks’ “Spot the Fraud, Shine Your Eyes” campaign, to raise public awareness of financial scams and encourage safer digital banking practices.
Ms Ofori-Dwumfuo advised customers to verify suspicious messages, calls and payment requests before taking action. She also encouraged anyone uncertain about a communication claiming to come from a bank to contact the institution directly through its official channels.
The initiatives come amid growing attention to digital financial security, online scams, mobile money fraud and cybersecurity risks in Ghana.
Financial experts and industry stakeholders continue to emphasise that stronger fraud detection systems, prompt reporting and public education are essential to protecting bank accounts and improving confidence in electronic payments.
Source: newsthemegh.com