Microfinance Institutions undergo cyber security training

The Ghana Microfinance Institutions Network (GHAMFIN) and its project partner CapPlus, in collaboration with e-Crime Bureau, have organized a practical and industry-specific Cyber Security Training for members of microfinance institutions in the country.

Mr. Yaw Gyamfi, the President of GHAMFIN, in his address, noted that despite financial institutions investing heavily in strengthening their cybersecurity defenses, the cybercriminals are becoming more sophisticated in their attack methods.

According to the President, the cybercriminals have a thorough understanding of the inner workings of the banking system and are quick to exploit any possible vulnerabilities to launch an attack.

“Some financial institutions in Ghana have been exposed to cyber-attacks resulting in fraudulent transfer of funds because of existing vulnerabilities within technologies being deployed as well as negative user behavior” he said.

Mr. Gyamfi noted that industry research has shown that 95 percent of cyber-attacks occur due to a lack of knowledge and regular awareness of employees, including management and even customers of banking products and services.

“The increase in usage of electronic platforms has led to a surge in fraud related to digital/electronic products and services and consequently, an increase in losses originating from products such as E-Money and ATM/Card fraud.”

Meanwhile, Mr. Gyamfi drew the attention of the participants to the Bank of Ghana Banks and SDI Fraud Report 2020, which indicated that Cyber/E-mail fraud recorded a loss value of approximately GH¢1.05 million in 2020.

Mr. Gyamfi further, disclosed that intelligence and investigations conducted on electronic facilitated crimes by the e-Crime Bureau revealed that the human resource capacity of technicians and IT staff to detect and respond to the threats of cyber attackers is inadequate to deal with the issues. This, he stated, led to the adoption of smarter digital applications and processes to satisfy consumer needs and preferences.

“A key industry in these developments in the microfinance industry which continues to support the growing SME base of Ghana’s economy and is, therefore, a high-risk sector in terms of financial fraud and cybercrimes.”