Mastercard partners Ghana Cyber Security Authority to fight fraud

Mastercard hosts its first-ever Fraud and Cyber Security Forum in Ghana today, in partnership with the Ghana Cyber Security Authority (CSA).

The event brings together key players in the ecosystem, including financial institutions, regulators, and fintech, to examine the latest fraud trends and address crucial aspects of cybersecurity in Ghana.

With the increased adoption of digital services, new payment flows, and connected supply chains, cyber risk is one of the top risks faced by organizations today. It is essential that this risk is well understood and managed by organizations to protect themselves and their customers.

The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common. Mastercard recognizes the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.

"We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights," said Bossman Kwapong, The Country Director for Ghana at Mastercard. "As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers."

The forum covered the latest attack methods utilized by cyber criminals, the assets they target, and the motivation behind such attacks. With a specific focus on the financial services sector, the forum offered a comprehensive overview of the regional cyber threat landscape, recent fraud attacks and best practices to address fraud vulnerabilities that may impact business profitability.

Mastercard also demonstrated its cutting-edge fraud detection solution, such as the Decision Intelligence solution which utilizes advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time, thereby helping to protect customers' accounts and transactions.

“This meeting by Mastercard is borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cyber security threats within the banking ecosystem. It is a proactive engagement, and it must be supported by all,” commented Dr Albert Antwi-Boasiako, Acting Director-General of the Cyber Security Authority (CSA).

“As a regulatory body, we can only be proactive and lead the national response through the implementation of appropriate policies and regulatory interventions. The CSA is currently implementing several regulatory activities including the Licensing of Cybersecurity Service Providers and Accreditation of Cybersecurity Establishments, and Cybersecurity Professionals.”

Stakeholders at the conference agreed on the need for increased partnerships and collaboration for improved security. According to a ranking by the Global Cybersecurity Index (GCI), Ghana is one of the most cyber secure countries in Africa, behind Mauritius and Tanzania. However, with increase in digitization, there is a need to develop cyber resilience to secure end-to-end points in the financial services ecosystem.

”Our organization is pleased to partner with global technology leaders such as Mastercard. The positive work this organization has been doing to combat cyber threats, protecting most especially the customer and small businesses is remarkable. We hope this partnership is one of many to come,” said Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana.

“Online security is of paramount importance and we commend Mastercard’s proactivity in providing platforms where pertinent discussions such as cybersecurity and combating fraud, especially for customers, is being tabled. As financial institutions we aim to provide systems that are safe and reliable for all Ghanaians,” commented John Awuah, CEO of Ghana Bankers Association.

Mastercard remains committed to delivering innovative and effective solutions to its customers in Ghana, helping to create a secure and inclusive digital future. Through partnerships with organizations such as the Cyber Security Agency of Ghana, Mastercard remains committed to promoting cybersecurity and fraud prevention across Ghana and beyond.