Digital fraud is spiking in Ghana — stakeholders say collaboration is the only fix

The Managing Director of Graphic Communications Group Ltd, Ato Afful, has highlighted the rapid transformation of Ghana’s digital and financial landscape over the past 15 years, warning that increased interconnectedness across banking, mobile money, fintech, telecoms and merchant services has created new vulnerabilities within the financial ecosystem.

He made this known at the Graphic Business/Stanbic Breakfast Meeting held at the Labadi Beach Hotel in Accra on the theme “Shine Your Eyes: Combating Financial Fraud in Ghana through Collaboration and Innovation.” He called for stronger collaboration among regulators, financial institutions, telecommunications companies and law enforcement agencies to address the growing threat of digital fraud.

The Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, cautioned that rising digital financial fraud is eroding public trust in Ghana’s financial system and threatening the stability of the sector.
He explained that fraudsters are increasingly using sophisticated tactics such as phishing attacks, SIM-swap fraud, account takeovers and social engineering schemes to target customers and financial institutions. He noted that while financial losses are significant, the deeper impact lies in the erosion of confidence in the financial system.

Mr. Asomaning added that emerging technologies such as artificial intelligence, behavioural analytics and real-time monitoring systems are becoming key tools in detecting and preventing fraud. He stressed that restoring trust will require sustained collaboration among all stakeholders.

The Member of Parliament for Hon. Mohammed Adams Sukparu stressed that government policies must be guided by constitutional principles and national interest, with accountability at the centre of decision-making. He further noted that strengthening institutions and ensuring proper implementation of policies are critical to national development, unity and stability.

Stakeholders at the meeting collectively called for sustained collaboration at both national and international levels to effectively combat digital fraud and protect confidence in Ghana’s financial system.