HomeNewsBanking sector loses US$67bn yearly to fraud; country banks receive support from...

Banking sector loses US$67bn yearly to fraud; country banks receive support from two industries.

Digital banking and payment platform growth have their own risks and expenses for the financial industry.
Recent data from the Association of Certified Fraud Examiners (ACFE) shows that annually, fraud-related activities cost the worldwide financial industry roughly US$67 billion.

Additionally, according to the United Nations Office on Drugs and Crime (UNODC), about US$1.6 trillion is annually laundered through banks for criminal and terrorist activities worldwide.

The scenario is the same in Ghana, where the Bank of Ghana’s 2021 Financial and Specialised Deposit-Taking Institutions (SDIs) and Electronic Money Issuers (EMIs) fraud report revealed that fraud and other banking malpractices cost the banking sector GH61 million in 2021.

Therefore, it is more important than ever for banks to strengthen their anti-fraud and anti-money laundering systems.

In light of this, financial crime risk management company Clari5 and IT solutions provider CWG Ghana have committed to strengthening their partnership in order to help banks fight corporate fraud and money laundering.

In a media interview, Rivi Varghese, the Chief Executive Officer of Clari5, who is visiting Ghana on business, stated that the two organizations were committed to assisting Ghanaian financial institutions in maintaining their clients’ trust.

Trust is crucial.

According to him, Clari5 presently manages over 710 million accounts worldwide, operates in 24 nations, and completes over 10 billion transactions daily.

According to him, the business is prepared to use its knowledge and experience to support Ghanaian institutions.

Because trust is so important, our economy will collapse if we lose faith in our banking system.

“For this reason, both commercial banks and central banks make significant investments to ensure that things are trustworthy. Every bank must strengthen its systems since there are typically 10,000 attacks on them every day, he said.

Clari5, one of CWG Ghana Limited’s key partners, was in the nation on a visit intended to deepen their commercial ties, according to the company’s managing director, Harriet Attram Yartey.

According to her, the visit was also made to make sure that some of the clients who had already begun working with the business were headed in the proper route.

The CWG had been operating for more than three decades across the continent, and Ghana will be celebrating 20 years of operation next year, Ms. Yartey noted.

“Our company works with telecoms, banks, oil and gas businesses, governments, and manufacturing firms, among other areas.

We have aided hundreds of businesses across Africa over the years, and our aim is to make sure that we continue to set the bar for IT excellence on the continent, she said.

delivering commercial solutions
Oluwaseun Layade, the Head of Project Management and Corporate Development at the CWG Ghana, asserted that the organization was more than simply an IT supplier; it also offered business solutions.

“We no longer consider ourselves to be merely an IT firm. In order to help organizations scale up, especially in this day and age when everything has moved to the cloud, we examine business problems and leverage IT to solve them.

Businesses didn’t want to switch to the cloud, but COVID-19 taught us a hard lesson that those who didn’t want to transfer had to do so right now. He said that the CWG was able to help a number of enterprises with this transition.

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