A financial technology expert has warned that limited collaboration and data sharing among banks, telecom companies and fintech institutions is increasing the risk of fraud within Ghana’s financial system.
Speaking at an industry forum, the analyst explained that fraud intelligence is often held in silos, preventing institutions from responding effectively to emerging threats. As a result, fraudulent schemes detected in one institution can easily spread to others without timely intervention.
Although the Bank of Ghana has implemented systems such as the Online Regulatory and Analytical Surveillance System (ORASS) to monitor industry trends, experts say these tools primarily function as reporting mechanisms rather than real-time prevention systems.
The situation, according to stakeholders, underscores the urgent need for a more integrated approach to cybersecurity and fraud prevention. Experts are calling for enhanced collaboration, real-time data exchange and stronger regulatory frameworks to safeguard Ghana’s rapidly evolving digital financial ecosystem.
They argue that addressing these gaps will not only protect consumers but also strengthen trust in the country’s financial institutions, which is essential for sustaining growth in the digital economy.
Source: thebftonline.com
