Association of banks investing in security systems to minimize fraud cases

EOCO, GAB arrests four in GH¢200k SIM box fraud

Banking fraud a threat to Ghana's financial system

Efforts being made to rid banking sector of dubious individuals

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 Ghana Association of Banks, John Awuah has indicated that members of the association are investing in various infrastructures to ensure that fraudulent activities are eroded from their systems.

According to him, the investment will help them to trace and track fraudsters.

Speaking to Citi News he stated, “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.”

His statements come after the Economic and Organized Crime Office (EOCO) and the Ghana Association of Banks arrested four persons involved in a GH¢200k SIM swap fraud.

John Awuah assured that even though it may be difficult to identify fraudsters among employees, the association will make sure to deal with it.

“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”.

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