Skip to main content

Fraud costs banking industry US$67bn annually


The boom in digital payment platforms and digital banking systems have come with its own risks and cost to the financial industry.

Latest figures from the Association of Certified Fraud Examiners (ACFE) indicates that the global financial industry loses about US$67 billion to fraud related activities annually.

The United Nations Office on Drugs and Crime (UNODC) also reports that about US$1.6 trillion is laundered globally through banks each year for criminal enterprises and terrorist activities.

In Ghana, the situation is no different as the 2021 Banking and Specialised Deposit-Taking Institutions (SDIs) and Electronic Money Issuers (EMIs) fraud report issued by the Bank of Ghana indicated that the banking sector lost GH¢61 million through fraud and other banking malpractices in 2021.

The need for banks to, therefore, strengthen their anti-fraud systems and anti-money laundering systems has become more necessary than ever.

It is against this background that IT solutions company, CWG Ghana has committed to deepen its collaboration with financial crime risk management company, Clari5 to jointly help banks to combat enterprise fraud and money laundering.

In a media interaction, the Chief Executive Officer of Clari5, Rivi Varghese, who is on a business visit to Ghana, said the two institutions were committed to help Ghanaian financial institutions maintain their trust with customers.

Trust is essential

He said Clari5 currently serves over 710 million accounts globally, operates in 24 countries and processes about 10 billion transactions each day.

He said the company was, therefore, ready to bring this expertise and experience to help Ghanaian institutions.

“Trust is so essential and if we lose trust in our financial system, then our economy collapses.

That is the reason why central banks and commercial banks invest heavily in making things trustworthy. There are normally about 10,000 attacks on every bank each day which requires that every bank strengthens its systems,” he stated.

The Managing Director of CWG Ghana Limited, Harriet Attram Yartey, said Clari5, which was one of its strategic partners, was in the country for a visit which seeks to strengthen the business relationship between the two institutions.

She said the visit was also to ensure that some of the customers that have already started engagement with the company were moving forward in the right direction.

Yartey pointed out that the CWG had been in business for over three decades across the continent and would be 20 years in Ghana next year.

Our business cuts across all markets, from telcos, banks, oil and gas companies, governments, manufacturing companies among others.

Over the years, we have helped 100s of businesses across Africa and our goal is to ensure that we remain the benchmark for IT excellence in Africa,” she stated.

Providing business solution

For his part, the Head of Project Management and Corporate Development at the CWG Ghana, Oluwaseun Layade, said the CWG was not just an IT company but a business solutions provider.

We have moved away from just being an IT company. We look at business problems and we use IT to solve them to enable the businesses to scale up, especially in this day and age where everything has moved to the cloud.

“Businesses did not want to move to the Cloud but COVID-19 taught us a difficult lesson and people that did not want to move had to make that immediate transition and the CWG was able to assist a lot of organizations in making that transition,” he stated.

Comments

Popular posts from this blog

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

 In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

  Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...