Cybersecurity Threats Loom Large Over Ghana’s Finance Sector

The financial services sector in Ghana is facing an unprecedented threat from cybercriminals, with identity theft, ransomware, and phishing attacks becoming increasingly common.

Mastercard Hosts First-Ever Fraud and Cyber Security Forum in Accra

To combat this menace, Mastercard has hosted its first-ever Fraud and Cyber Security Forum in Accra, bringing together key players in the ecosystem to examine the latest fraud trends and address crucial aspects of cybersecurity. The forum covered the latest attack methods utilized by cybercriminals, the assets they target, and the motivation behind such attacks.

Prioritizing Fraud Prevention and Cybersecurity

According to Mastercard’s Country Director for Ghana, Bossman Kwapong, “We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.” The company has recognized the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all countries where it operates, including Ghana.

Cutting-Edge Fraud Detection Solution

Mastercard also demonstrated its cutting-edge fraud detection solution, including the Decision Intelligence solution, which utilizes advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time. This solution is designed to help protect customers’ accounts and transactions.

Key Takeaways from the Forum

• The financial services sector in Ghana faces an unprecedented threat from cybercriminals.
• Mastercard has recognized the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all countries where it operates, including Ghana.
• The company demonstrated its cutting-edge fraud detection solution to help protect customers’ accounts and transactions.

Quotes from Key Stakeholders

• “We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.” - Bossman Kwapong, Mastercard’s Country Director for Ghana
• “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.” - Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana
• “Online security is of paramount importance and that financial institutions aim to provide systems that are safe and reliable for all Ghanaians.” - John Awuah, CEO of Ghana Bankers Association

Conclusion

As Ghana continues to digitize its economy, the need to develop cyber resilience to secure end-to-end points in the financial services ecosystem has become more pressing. 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 Authority of Ghana, Mastercard aims to promote cybersecurity and fraud prevention across Ghana and beyond.