In response to the Bank of Ghana’s (BoG) latest Fraud Report, which analyzed fraud trends from 2019 to 2023, the Ghana Association of Banks (GAB) has rolled out a series of initiatives aimed at bolstering the banking sector’s defences against increasingly sophisticated fraud schemes.
A central part of GAB’s strategy is the adoption of advanced technologies like artificial intelligence (AI) and machine learning.
These cutting-edge tools can process vast amounts of data in real-time, enabling banks to detect suspicious patterns and transactions before fraud occurs.
The GAB is also advocating for the adoption of a “zero-trust” security framework, which requires continuous verification of users and devices within a system.
By minimizing the risk of insider threats, this framework ensures that no user or device is automatically trusted, thereby enhancing security.
Another key recommendation from GAB is the integration of blockchain technology, which provides a secure and transparent method for recording …