Accra, May 28, GNA – Mastercard, in partnership with the Ghana Cyber Security Authority (CSA), has hosted the first-ever Fraud and Cyber Security Forum in Ghana to address fraud.
The event brought together key players in the ecosystem, including financial institutions, regulators, and fintech, to examine the latest fraud trends and address crucial aspects of cybersecurity in Ghana.
The forum covered the latest attack methods utilised by cyber criminals, the assets they target, and the motivation behind such attacks.
Wiith a specific focus on the financial services sector, the forum offered a comprehensive overview of the regional cyber threat landscape, recent fraud attacks and best practices to address fraud vulnerabilities that may impact business profitability.
A statement signed and issued by Mr Mwangi Kanyi, Director Communications, Mastercard, said with the increased adoption of digital services, new payment flows and connected supply chains, cyber risk was one of the top risks faced by organisations today.
“It is essential that this risk is well understood and managed by organisations to protect themselves and their customers. The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common. Mastercard recognises the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.”
Mastercard also demonstrated its cutting-edge fraud detection solution, such as the Decision Intelligence solution, which utilises advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time, thereby helping to protect customers’ accounts and transactions.
Stakeholders at the conference agreed on the need for increased partnerships and collaboration for improved security.
According to a ranking by the Global Cybersecurity Index (GCI), Ghana is one of the most cyber secure countries in Africa, behind Mauritius and Tanzania.
However, with the increase in digitisation, there is a need to develop cyber resilience to secure end-to-end points in the financial services ecosystem.
The statement said Mastercard remained committed to delivering innovative and effective solutions to its customers in Ghana, helping to create a secure and inclusive digital future.
“Through partnerships with organisations such as the Cyber Security Agency of Ghana, Mastercard remains committed to promoting cybersecurity and fraud prevention across Ghana and beyond.”
Mr Bossman Kwapong, the Country Director Mastercard Ghana, said businesses needed to be assisted to prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.
“As the digital economy grows, so do the intentions of cyber criminals, who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana is a significant step towards ensuring the safety and security of our partners and customers.”
Dr Albert Antwi-Boasiako, Acting Director-General, CSA, said the meeting by Mastercard was borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cyber security threats within the banking ecosystem, adding that, “it is a proactive engagement, and it must be supported by all”.
He said as a regulatory body, they could only lead the national response through the implementation of appropriate policies and regulatory interventions.
Dr Antwi-Boasiako said the CSA was currently implementing several regulatory activities, including the Licensing of Cybersecurity Service Providers and Accreditation of Cybersecurity Establishments, and Cybersecurity Professionals.
Mr Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana, said his outfit was pleased to partner with global technology leaders such as Mastercard.
“The positive work this organisation has been doing to combat cyber threats, protecting most especially the customer and small businesses is remarkable. We hope this partnership is one of many to come,” he said.
Mr John Awuah, Chief Executive Officer of Ghana Bankers Association, said online security was of paramount importance and commended Mastercard’s proactivity in providing platforms where pertinent discussions such as cybersecurity and combating fraud, especially for customers, was being tabled.
He said as financial institutions, they aimed at providing safe and reliable systems for all Ghanaians.
GNA