Financial Crime World

Ghana’s Banking Sector Battles Rising Tide of Internal Fraud: New Detection Tools Offer Hope

The Problem: Estimated $3.6 Billion in Internal Fraud Losses

In 2022, Ghana’s banking industry was rocked by an estimated $3.6 billion worth of internal fraud losses alone. Financial institutions are struggling to provide seamless customer experiences while battling the scourge of internal fraud.

The Need for a More Effective Approach

Traditional methods of detecting and preventing internal fraud have been inadequate, relying on static rules and manual controls that are slow to react to emerging threats. Banks must strike a delicate balance between providing excellent customer service and protecting their reputation.

Enter NetGuardians’ Cutting-Edge Internal Fraud Solution

NetGuardians has developed an innovative tool designed specifically for Ghana’s financial institutions. This solution empowers banks to:

  • Monitor employee behavior in real-time
  • Link employee activity to customer transactions
  • Identify suspicious activity such as:
    • Front office/back office control bypass
    • Privileged user abuse
    • Collusion

Proactive Approach

In the event of a potentially fraudulent transaction that deviates from normal patterns, NetGuardians’ AI-powered solution can:

  • Block the transaction
  • Trigger a meaningful alert for investigation by the relevant team

This proactive approach has been shown to significantly improve internal fraud management, allowing banks to prevent fraud in a timely manner while reducing false positives and uncovering new types of fraud.

Benefits of Implementing NetGuardians’ AI Solution

By implementing NetGuardians’ AI solution, Ghana’s banking sector can:

  • Get ahead of the curve in detecting and preventing internal fraud
  • Protect both customers and their own reputation from the devastating consequences of this growing threat

Conclusion

Ghana’s banking sector is facing a significant challenge in the form of internal fraud. However, with NetGuardians’ cutting-edge solution, banks can finally get ahead of the curve and protect themselves against this growing threat.