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Ghana News

Expert: Controlling cybercrime is essential for a healthy banking sector

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Eric Kwaku Mensah, the e-Crime Bureau’s lead for financial crimes and anti-money laundering, believes that efficient cybercrime management must be considered in discussions and attempts to have a strong financial sector.

He continued by saying that financial innovations run the risk of falling short of their intended goals if urgent attention is not given to them. He counselled industry participants to work with law enforcement organisations in order to share information and coordinate efforts to look into and punish financial crimes.

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He asserted that financial institutions will be better able to recognise and avoid financial crimes if laws and directives issued to the sector are enforced, along with training and advice.

Investing in cybersecurity and financial crimes management, adhering to industry norms and guidelines, and continuously monitoring advancements in the field to improve regulations are other crucial actions he encouraged the business to take.

A solid security posture (firewalls, antivirus software, encryption, and multi-factor authentication) and an effective fraud risk management system must be established by organisations in order to ensure safety, he continued.

He urged businesses to conduct extensive background checks on employees and contractors while employing an intelligence approach to stay proactive, given that occupational fraud costs more than USD 4.7 trillion yearly throughout the globe.

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