The Ghana Bankers Association called for increased education on ATM or card fraud in the country.

The Central Bank’s 2020 fraud report found that among other things, ATM or card fraud accounted for 6.3% of the total number of reported cases, compared to 4.7% recorded in 2019.

In addition, ATM or card fraud recorded a loss value of approximately GH ¢ 8.19 million in 2020, compared to an approximate loss value of GH ¢ 1.26 million recorded in 2019. , showing that losses from ATM and card fraud increased by 548.1%. in terms of year to year.

John Awuah, managing director of the Ghana Bankers Association, said in an interview with Citi Business News in Accra yesterday that bank customers need to take ATM card security into their own hands.

“We think it will be appropriate to provide much more education and information to our customers. If you have an ATM card directly linked to your bank account and want to use your card, especially online, you need to know which websites you are transacting on and the security mechanisms that have been built into those websites, ”he said.

Mr Awuah said “If you are not sure, go for a prepaid card, which is also a debit card. For such a card, you only charge the amount of money for the transaction you want to undertake, which limits the potential loss of in case a fraudster gains access to your card. “

BoG establishes financial sector security operations center to reduce cyber fraud

Bank of Ghana seeks to dramatically reduce automated teller machines (ATMs) and cybercrime fraud with the establishment of a Financial Industry Security Operations Center, to ensure a more secure cyberspace for the banking sector in Ghana.

This assurance follows an increase in the number and value of cases of ATM fraud and other types of fraud, as the 2020 Banking Industry Fraud Report shows.

Recently, a 42-year-old man was found in possession of 656 ATM cards connected to nine banks operating in Ghana and Nigeria.

Bank of Ghana Governor Dr Ernest Addison said the central bank was still investigating the case, but said the country’s 23 banks would be connected to the Financial Industry Security Operating Center by next year. .