BoG Charges Payment Service Providers to Institute Fraud Control Systems
The Central Bank of Ghana has directed Payment Service Providers (PSP) to put in place systems that will deal with loopholes that make their platforms vulnerable to exploitation of users by fraudsters.
It comes after GH¢19 million was lost in electronic 15,673 fraud incidents in 2024.
Despite security enhancements, fraudsters are able to identify and exploit vulnerabilities in digital payment products, especially through mobile money and social engineering tactics, the Bank said in its 2024 report on fraud.
A robust system protection has therefore become imperative as the volume of transactions recorded in the PSP sector skyrockets.
According to the BoG, transactions hit approximately 8.1 billion in 2024, signifying a 19% increase.
It stated that the corresponding value of transactions recorded for 2024 and 2023 were GH¢3.0 trillion and GH¢1.9 trillion respectively, representing a 58% rise in the value.
In view of the findings and trends, the BOG directed:
▪ PSPs should strengthen authentication processes by mandating periodic PIN changes and enforce multi-factor authentication.
▪ PSPs should implement public awareness campaigns to educate customers about personal security and prevailing fraud schemes.
▪ PSPs should provide fraud prevention training to agents and intensify monitoring of activities of agents.
▪ PSPs should implement customer behavior monitoring technology to help detect and prevent fraud.
Source: opemsuo.com/Hajara Fuseini
