Banks in Ghana Take Steps to Prevent Fraud and Protect Customer Interests

In a bid to prevent fraud and protect customers’ interests, banks in Ghana are taking proactive measures to ensure the security of transactions. According to industry experts, preventing fraud is a shared responsibility between banks and their customers.

Customers’ Role in Preventing Fraud

Customers have a crucial role to play in preventing fraud by exercising reasonable care when drawing cheques to avoid forgery and misleading the bank. They must also:

• Immediately inform the bank if they discover any forgery in the operation of their account.
• Have sufficient funds in their account or leeway in an overdraft limit to meet cheques drawn.
• Use cheque cards or cash cards only in accordance with their conditions of use.
• Demand repayment of a credit balance only in writing during business hours.

Banks’ Responsibilities

In addition, banks are required to:

• Honour customer cheques up to the credit balance or overdraft limit, provided they are in order and there is no stop order.
• Maintain strict secrecy about customers’ affairs while an account is operational or after it has been closed, except under certain circumstances.
• Give reasonable notice to close an account in credit.
• Provide an accurate statement of account per agreed period or within a reasonable time.
• Receive money and cheques for collection and credit customer’s account.
• Advise customers immediately if they suspect some forgery or fraudulent deals in the operations of their account.
• Exercise due care and diligence in the operation of a customer account.
• Give customers complete information on each product provided.

Collaboration is Key

Experts say that by working together, banks and customers can effectively prevent fraud and ensure the integrity of financial transactions in Ghana. By sharing responsibilities and being proactive, both parties can enjoy a secure and trustworthy banking experience.