Banking sector intensifies cyber fraud awareness

Ghana’s banking sector is ramping up its efforts to educate customers about cyber fraud as social engineering scams pose a growing threat to financial security. At a Fraud Awareness Roundtable, GCB Bank emphasized the importance of heightened customer awareness in combating increasingly sophisticated financial scams. The bank’s Chief Marketing, Communications and Customer Experience Officer, Mrs Cynthia Ofori-Dwumfuo, stressed the need for practical knowledge to identify and avoid fraudulent schemes.

She acknowledged that while digital banking offers convenience, it also presents new opportunities for fraudsters to exploit unsuspecting customers through phishing links, fake calls, deceptive messages, and impersonation schemes. The bank has brought together representatives from various regulatory bodies and financial institutions to deepen public understanding of cyber threats and fraud prevention measures.

GCB Bank’s Chief Executive Officer, John Awuah, highlighted social engineering as a significant fraud threat, noting that modern fraudsters rely on manipulating trust rather than breaching technological systems. He warned that cybercriminals target individuals from all walks of life and take advantage of moments of distraction, kindness, and trust.

Awuah called for enhanced collaboration and intelligence-sharing among banks, payment service providers, fintech firms, telecommunications companies, and other stakeholders to improve the recovery of funds lost through fraud.