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Mastercard Partners with Bank of Ghana and Ghana Association of Bankers to Combat Banking Fraud

Accra, Ghana - May 24, 2023 - In a bid to strengthen Ghana’s financial services sector, Mastercard has announced a partnership with the Bank of Ghana and the Ghana Association of Bankers to deploy advanced fraud detection tools and technologies.

Strengthening Ghana’s Financial Services Sector

The partnership aims to help combat banking fraud and secure Ghana’s digital economy. The move comes as Ghana is increasingly embracing digital payment systems, making it crucial for financial institutions to adopt robust security measures to protect customers’ accounts and transactions.

Fraud Detection and Prevention

Mastercard has developed advanced fraud detection tools and technologies that utilize cutting-edge technologies and tools to quickly detect and prevent fraudulent activities in real-time. The company’s Country Director for Ghana, Bossman Kwapong, emphasized the need for businesses to prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.

Cybersecurity Forum

The Fraud and Cyber Security Forum was hosted in collaboration with the Ghana Cyber Security Authority (CSA) and brought together key stakeholders in the financial services sector to discuss the latest fraud trends and address crucial aspects of cybersecurity. The event featured a demonstration of Mastercard’s cutting-edge fraud detection solution.

Call for Increased Partnerships and Collaboration

Stakeholders at the conference emphasized the need for increased partnerships and collaboration to improve security. According to a ranking by the Global Cybersecurity Index (GCI), Ghana is one of the most cyber-secure countries in Africa, but there is still a need to develop cyber resilience to secure end-to-end points in the financial services ecosystem.

Conclusion

The partnership between Mastercard and the Bank of Ghana and Ghana Association of Bankers is seen as a significant step towards ensuring the safety and security of customers’ accounts and transactions. By working together, stakeholders can ensure that Ghana’s digital economy is protected from fraud and cyber threats.