Mastercard partners CSA to fight fraud

Master­card has held its first-ever Fraud and Cyber Security Forum in Ghana in partnership with the Ghana Cyber Security Authority (CSA).

The event brought together key players in the ecosystem, including financial institutions, regulators, and fintech, to examine the latest fraud trends and address crucial aspects of cybersecurity in Ghana.

With the increased adoption of digital services, new payment flows, and connected supply chains, cyber risk is one of the topmost risks faced by organisa­tions today.

It is essential that this risk is well understood and managed by organisations to protect them­selves and their customers.

The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common. Mas­tercard recognises the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries it operates, including Ghana.

“We must help businesses pre­pare for cyberattacks and decrease financial risk by identifying data breaches, assessing cyberthreats, and acting on insights,” said Bossman Kwapong, the Country Director for Ghana at Mastercard, in a statement issued after the forum.

“As the digital economy grows, so do the intentions of cyber­criminals 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,” he added.

The forum covered the latest attack methods utilised by cyber­criminals, the assets they target, and the motivation behind such attacks.

With a specific focus on the fi­nancial services sector, the forum offered a comprehensive over­view of the regional cyberthreat landscape, recent fraud attacks and best practices to address fraud vulnerabilities that may impact business profitability.

Mastercard also demonstrated its cutting-edge fraud detection solution, such as the Decision Intelligence solution which utilises advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time, thereby helping to protect cus­tomers’ accounts and transactions.

“This meeting by Mastercard is borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cybersecurity 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,” he mentioned.

Stakeholders at the conference agreed on the need for increased partnerships and collaboration for improved security.

“Our organisation is pleased to partner with global technology leaders such as Mastercard. The positive work this organisation has been doing to combat cyber­threats, protecting most, especially customers and small businesses, is remarkable. We hope this partner­ship is one of many to come,” Dr Ernest Addison, Governor of the Central Bank of Ghana, said.

“Online security is of par­amount importance and we commend Mastercard’s proactivity in providing platforms where pertinent discussions such as cy­bersecurity and combating fraud, especially for customers, is being tabled. As financial institutions, we aim to provide systems that are safe and reliable for all Ghana­ians,” John Awuah, CEO of Gha­na Bankers Association, said

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