Financial sector players have been asked to enhance their gatekeeping function to protect investments.
Mr Theophilus Kwadjo Odjer-Bio, the Executive Director of the Chartered Compliance and Cyber Analyst (CCCA) Institute, said gatekeeping role in the anti laundering ecosystem would help identify and stop fraudsters and cyber criminals who preyed on the vulnerable.
Mr Odjer-Bio was speaking at the continuous development programme of the Institute and graduation at the University of Ghana Business School, Legon.
He said online fraud had become common because of the COVID-19 pandemic as companies and individuals had moved more of their activities online, thus, the need to protect customers.
Much of those crimes affected individuals and small businesses that were less able to protect themselves with victims mostly being unemployed, he said.
Mr Odjer-Bio said apart from the fraud and cyber attacks affecting individuals and businesses, they affected the confidence level in the financial systems.
“It must be a priority to show that financial institutions with which the public entrusts its savings and the regulators who supervise them do care about these threats and address them proactively to reduce and prevent serious harm,” he said.
Mrs Deborah Okwan-Duodu, a lawyer, advised internet users to carefully read the terms and conditions about every application (App) before installation to avoid being stalked.
She urged users to report cyber attacks on the Cyber Security Authority portal within 24 hours.
She said keeping and publishing of indecent images of people was a crime and that one could be prosecuted.
Mrs OKwan-Duodu said a fine in cyber crime was as bad as incarceration, which could mar one’s record and must be avoided.
Mr Seth Nana Amoako, Head of Compliance Unit of the Financial Intelligence Centre and Chairman for the occasion, encouraged the graduants to make themselves relevant with the knowledge acquired.
They were awarded with certificates of participation.