Ghana Association of Banks calls for real-time fraud intelligence sharing

John Awuah, Chief Executive Officer of the Ghana Association of Banks (GAB), has urged financial institutions to implement real-time intelligence sharing to combat rising fraud. Speaking at the 15th ABSA-UPSA Law School Quarterly Banking Roundtable in Accra, Awuah noted that delays in reporting suspicious activity often allow fraudsters to move stolen funds across different banks and fintech platforms before institutions can react.

Awuah highlighted that current delays, sometimes lasting up to two days, frequently result in zero recovery of stolen assets. He observed that criminal networks often exchange information more efficiently than the institutions attempting to stop them. To counter this, he called for increased transparency and cooperation between banks and payment service providers (PSPs), including mobile money operators.

In addition to improved inter-institutional communication, the GAB chief advocated for a unified, industry-wide public education campaign. He argued that a coordinated message regarding fraud risks would be more effective for customer protection than individual, fragmented warnings from separate banks.