It is therefore engaging industry players to build capacity and implement robust regulatory frameworks to stay ahead of the emerging threats.

Recent incidents of electronic fraud in the financial space have resulted in substantial losses for banks and payments to service providers.

This has prompted the Bank of Ghana to take more proactive measures to enhance resilience.

Speaking at the opening of a workshop with the Committee for Co-operation Between Law Enforcement Agencies and the Banking Community (COCLAB), the Head of the Financial Stability Department at the Bank of Ghana, Dr. Kwasi Osei Yeboah highlighted the need to reverse the trends of fraudulent activities plaguing the financial space.

“Banks are supposed to report all fraud cases to the Bank of Ghana. Even if nothing happens, they are supposed to do it and send a mail report to say that, nothing happened within the space. So every month banks are to send the reports.

“It is through these reports that we identify the fraud cases associated with SIM swap. This is important to us because it speaks to concerns that customers in the banking space are very much concerned about fraud in the sector”, he said.

Though worried about this development, the Central Bank has assured of its commitment to address the underlying factors.

“Fraud is a hindrance to promoting financial soundness and integrity. Customers must have confidence in the financial system and be inclined to participate in the space. So it is also a commitment for us to ensure that we have a very safe financial environment. So we will continue to engage, investigate and prosecute fraud”, Dr. Yeboah added.