In a landmark collaboration, Mastercard and the Ghana Cyber Security Authority (CSA) successfully organized their inaugural Fraud and Cyber Security Forum in Ghana. The event served as a platform for key stakeholders such as financial institutions, regulators, and fintech companies to come together and delve into the latest trends in fraud prevention and address critical cybersecurity aspects specific to Ghana.
As digital services, evolving payment methods, and interconnected supply chains gain prominence, organizations face an increasing risk of cyber threats. Understanding and effectively managing this risk is vital for organizations to safeguard themselves and their customers. The rising prevalence of cybercrime, encompassing activities like identity theft, ransomware, and phishing attacks, further emphasizes the urgency of robust cybersecurity measures.
Mastercard acknowledges the gravity of these threats and is deeply committed to prioritizing fraud prevention and cybersecurity across all the countries it operates in, including Ghana.
“We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights,” said Bossman Kwapong, The Country Director for Ghana at Mastercard. “As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers.”
The forum discussed the most recent techniques used by cyber criminals to carry out attacks, the valuable assets they target, and the reasons behind their actions. The financial services sector was given special attention, providing a detailed analysis of the cyber threat landscape in different regions, recent instances of fraud attacks, and recommended strategies to mitigate vulnerabilities that could affect business profitability.
In addition, Mastercard showcased its state-of-the-art fraud detection solution, including the Decision Intelligence platform. This advanced technology utilizes cutting-edge tools to rapidly identify and prevent fraudulent activities as they occur, thereby safeguarding customers’ accounts and transactions in real-time.
“This meeting by Mastercard is borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cyber security threats within the banking ecosystem. It is a proactive engagement, and it must be supported by all.”
commented Dr Albert Antwi-Boasiako, Acting Director-General of the Cyber Security Authority (CSA). “As a regulatory body, we can only be proactive and lead the national response through the implementation of appropriate policies and regulatory interventions. The CSA is currently implementing several regulatory activities including the Licensing of Cybersecurity Service Providers and Accreditation of Cybersecurity Establishments, and Cybersecurity Professionals.”
Stakeholders at the conference agreed on the need for increased partnerships and collaboration for improved security. According to a ranking by the Global Cybersecurity Index (GCI), Ghana is one of the most cyber secure countries in Africa, behind Mauritius and Tanzania. However, with increase in digitization, there is a need to develop cyber resilience to secure end-to-end points in the financial services ecosystem.
The conference participants reached a consensus on the importance of enhancing partnerships and collaboration to enhance security. The Global Cybersecurity Index (GCI) ranks Ghana as one of the top countries in Africa in terms of cyber security, although it is positioned behind Mauritius and Tanzania. Nevertheless, as digitalization continues to grow, it is crucial to strengthen cyber resilience in order to protect all aspects of the financial services ecosystem.
” Our organization is pleased to partner with global technology leaders such as Mastercard. The positive work this organization has been doing to combat cyber threats, protecting most especially the customer and small businesses is remarkable. We hope this partnership is one of many to come,” said Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana.
John Awuah, CEO of the Ghana Bankers Association, praised Mastercard for taking a proactive approach to address important topics like cybersecurity and fraud prevention, particularly for customers. He emphasized the significance of online security and the need for financial institutions to provide secure and trustworthy systems for the people of Ghana.
Mastercard maintains its dedication to providing Ghanaian customers with innovative and reliable solutions, contributing to the establishment of a secure and inclusive digital landscape. By collaborating with institutions like the Cyber Security Agency of Ghana, Mastercard continues its efforts to promote cybersecurity and combat fraud not only in Ghana but also in other regions.