BoG announces plans for anti-cyber fraud guidelines

By Sam Edem
Dr Ernest-Addison - BoG Governor
Dr Ernest-Addison - BoG Governor

The Bank of Ghana (BoG) has announced plans to launch what is expected to be a guideline for fighting cyber fraud in the country’s financial sector.

The move follows a growing threat of the cyber fraud menace to the financial sector as witnessed in the recent spate of mobile money fraud.

Disclosing the plans - Governor of the Bank of Ghana (BoG), Dr Ernest Addison pointed out that: “More recently, cyber fraud is gaining attention and becoming a key threat to financial institutions whose systems to end users are being exploited”.

He however noted that: “as a regulator, the BoG is reviewing a new set of guidelines to address the cybersecurity issues in the industry to mitigate and reduce the impact of cyber fraud”.