Experts from the banking sector, law enforcement agencies, regulators and cybersecurity institutions will converge on Accra tomorrow to confront the growing threat of financial fraud at the second quarter Graphic Business/Stanbic Bank Breakfast Meeting.
The event, scheduled for the Labadi Beach Hotel, on the theme: “Shine Your Eyes: Combating Financial Fraud in Ghana through Collaboration and Innovation”, comes at a critical time when fraud syndicates are increasingly exploiting digital channels — including banking platforms and electronic cash services — to target individuals and businesses across the country.
Expected participants include representatives from the Criminal Investigation Department (CID), the Cyber Security Authority, the Office of the Special Prosecutor, Stanbic Bank Ghana, academia, civil society organisations and other institutions engaged in the fight against financial crime.
Fraudsters adopting methods
In an interview with Graphic Business, Chief Superintendent of Police Stephen Akowuah of the CID warned that fraudsters continued to adopt new methods to trap unsuspecting victims, with common cases including banking fraud, mobile money scams and schemes in which individuals were persuaded to transfer money under false claims.
“Criminals continue to adopt new methods, and institutions must also strengthen their systems and capabilities to stay ahead of them,” Chief Supt Akowuah said, adding that collaboration among financial institutions, regulators and law enforcement agencies remained critical in the fight against fraud.
He said advanced technology and intelligence gathering would play a key role in detecting fraudulent activities and bringing perpetrators to justice, indicating that successful investigations and prosecutions could help to deter would-be offenders and strengthen public confidence in the financial system.
Whole picture
Principal Manager of the Law Enforcement Liaison Unit Cyber Security Authority, Theophilus Botchway, also a panellist, explained that cooperation among institutions remained essential because financial fraud cases often involved multiple platforms and organisations.
He said modern fraud schemes frequently involved mobile money accounts, bank accounts, social media platforms, telecommunications networks and email systems.
“No single institution sees the complete picture. Effective investigations require collaboration among industry players, regulators, law enforcement agencies and cybersecurity professionals,” Mr Botchway stated.
He said one of the biggest misconceptions about cybercrime was that criminals left no traces behind.
Mr Botchway said cybercriminals often left digital footprints, but the information was often spread across different institutions and jurisdictions, making coordinated investigations necessary.
He disclosed that fraudsters were increasingly using stolen identities, mule accounts, multiple SIM cards, encrypted communication platforms and virtual private networks to conceal their activities, while the rapid movement of stolen funds through multiple accounts and digital channels also made recovery efforts difficult.
“Fraud continues to evolve, and institutions must strengthen information sharing and digital investigation capabilities to improve detection and response,” Mr Botchway said.
He also encouraged victims of cyber-related fraud to report incidents promptly through the Cyber Security Authority’s 24-hour reporting line, 292.
Banking perspective, solutions
The Chief Risk Officer of Stanbic Bank Ghana, Felicity Osafo Sampong, is expected to share insights on banking fraud, risk management and strategies for preventing financial losses.
Organisers say the breakfast meeting will move beyond awareness creation, and focus on practical solutions that can help institutions and individuals to protect themselves against fraud.
The event will also explore ways of strengthening partnerships between the public and private sectors to improve fraud detection, investigation and prevention.
The meeting will be broadcast live on the Facebook pages of Stanbic Bank Ghana and Daily Graphic Ghana to enable a wider audience to follow the discussions.
As financial fraud continues to affect individuals and businesses across the country, stakeholders are expected to use the forum to discuss concrete measures that can help to safeguard the integrity of Ghana’s financial system.
