BoG establishes Financial Industry Security Operating Centre to reduce cyber fraud

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Bank of Ghana is looking to lessen Automatic Teller Machine (ATM) and digital related extortion with the setting up of a Financial Industry Security Operating Center, to guarantee a more secure the internet for the financial area in Ghana.

The confirmation follows an ascent in the number and worth of ATM extortion cases and different sorts of misrepresentation, as caught in the 2020 financial industry extortion report.

As of late, a 42-year-elderly person was observed to be in control of 656 ATM cards associated with nine banks operating in Ghana and Nigeria.

The Governor of Bank of Ghana, Dr. Ernest Addison, said the national bank is as yet exploring the case yet said that each of the 23 banks in the nation will by the following year be associated with the Financial Industry Security Operating Center.

“This is a creating matter, we are exploring it. As you probably are aware, the financial administrations are becoming innovation driven financial administrations, the danger related with ATMs will likewise go up. Luckily, we are looking carefully at that.”

“We have the security operating focus at the Bank of Ghana, which screens our digital versatility. As of now, we are amidst building up a Financial Industries Hub.”

“I accept the Bank of Ghana is prepared, the Agriculture Development Bank is getting associated. Ideally, by in 12 months’ time, we will have every one of the 23 banks associated with the enterprises center point, and we will actually want to screen the digital danger related with the whole financial framework in Ghana.”

The detailed worth of misrepresentation recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion.

This addresses an expansion of more than 750% when contrasted with the announced worth of misrepresentation recorded in 2019, which remained at about GH¢115 million. That is as indicated by the Bank of Ghana’s Banks and SDI Fraud Report for the year 2020.

Per the report, an all out count of 2,670 instances of banking extortion were recorded in 2020, when contrasted with 2,311 announced cases in 2019.

A portion of the main misrepresentation types in the area for last year were ATM and POS extortion, deceitful withdrawals, just as E-cash extortion.

Misfortunes from ATM/POS misrepresentation represented 32.2 percent of the complete extortion in the area, recording the most elevated misfortune worth of GH¢8.19 million out of 2020, up from the GH¢1.26 million recorded in 2019, addressing a 548.1 percent expansion.

As per the report, the flare-up of the COVID-19 pandemic constrained bank clients to utilize elective channels for installments and bank administrations.

Be that as it may, helpless individual wellbeing discernment and lacking client refinement by banking establishments caused an upsurge in misrepresentation executed through ATM/POS.

The misfortunes brought about because of misrepresentation for 2020 stands at GH¢25.40 million, when contrasted with an expected deficiency of GH¢33.44 million of every 2019, addressing a 24.0 percent decline.

Addressing to issue to the media, Governor of the Bank of Ghana, Dr. Ernest Addison said the Central Bank is attempting to build up a Financial Industry Security Operating Center to check the circumstance.