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Bank of Ghana establishes monitoring facility to curb ATM, cyber fraud – Governor

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Thu, 30 Sep 2021 Source: www.ghanaweb.com

• The BoG has established a Financial Industry Security Operating Centre

• The centre according to Dr Addison will monitor and curb, ATM, cyber fraud activities

• All 23 banks operating in the country will connect to centre in 2022


As part of efforts to reduce Automatic Teller Machine (ATM) and cyber-related fraud in the banking sector, the Bank of Ghana has established a Financial Industry Security Operating Centre.

This comes after a 2020 report on banking industry fraud showed a staggering rise and value in the incidences of ATM fraud and other types of fraud activities.

According to Governor of the bank, Dr Ernest Addison, the centre will monitor the cyber space and safeguard it from fraud-related activity by cyber criminals.

“This is a developing matter; we are investigating it. As you know, the financial services are becoming technology-driven financial services, the risk associated with ATMs will also go up. Fortunately, we are looking very closely at that.”

“We have the security operating centre at the Bank of Ghana, which monitors our cyber resilience. Currently, we are in the midst of establishing a Financial Industries Hub.”

Dr Ernest Addison said this while responding to questions at the 102nd press conference of the Monetary Policy Committee of the central bank.

The governor added that as an additional measure to ongoing investigations of ATM and cyber-related fraud in the banking sector, all 23 banks operating in the country will from 2022 be connected to the Financial Industry Security Operating Centre.

“I believe the Bank of Ghana is ready, the Agriculture Development Bank is getting connected. Hopefully, by a year from now, we will have all 23 banks connected to the industries hub, and we will be able to monitor the cyber risk associated with the entire banking system in Ghana.”

Source: www.ghanaweb.com
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