Mastercard, a leading global payment technology company, recently concluded the second edition of the Fraud and Cyber Resilience Forum event in Accra, Ghana.

This year's event provided a vital platform for industry stakeholders to converge and address pressing cybersecurity challenges. Building on the success of last year's inaugural event, the second edition saw increased interest and participation, with experts and professionals gathering to discuss and tackle the evolving cyber risks faced by organizations in today's dynamic digital landscape.

With cybercrime on the rise, including identity theft and phishing, Mastercard prioritizes fraud prevention and cybersecurity worldwide, including in Ghana.

This commitment becomes even more critical given that Ghana recorded GH¢49.5 million in direct financial losses through cyber fraud activities between January and June of 2023, highlighting the need for concerted efforts to safeguard the financial services industry and government from attacks.

In response to these challenges, Mastercard is not only investing in innovation and collaborations, but also providing an avenue for stakeholders to discuss best practices to ensure cyber resilience in the country.

“In Ghana, the proliferation of digital services has brought unprecedented convenience to consumers and businesses alike. However, with this increased connectivity comes an alarming rise in cyber threats, posing significant risks to both financial institutions and their consumers," said Bossman Kwapong, The Country Director for Ghana at Mastercard.

"In light of these challenges, Mastercard recognizes the critical role it plays in fortifying Ghana’s digital infrastructure. Hosting events like the Fraud and Cyber Resilience Forum is not just a proactive measure—it’s a necessary step towards enhancing awareness, collaboration, and resilience within the Ghanaian ecosystem.”

The forum delved into the most recent tactics employed by cybercriminals, their targeted assets, and the underlying motivations behind their attacks. With a particular emphasis on the financial services sector, the forum provided an extensive examination of the local cyber threat environment, recent instances of fraud, and effective strategies to mitigate vulnerabilities that could affect business profitability.

Additionally, Mastercard showcased its state-of-the-art fraud detection solutions, including the Decision Intelligence system, which leverages advanced technologies to swiftly identify and thwart fraudulent activities in real-time, safeguarding customers' accounts and transactions.

Stakeholders at the event expressed a shared commitment to fostering collaboration, knowledge-sharing, and proactive measures to mitigate cyber risks within Ghana's financial ecosystem.

The consensus reached underscored the importance of ongoing dialogue, collective action, and continued investment in robust cybersecurity infrastructure to safeguard against emerging threats. As participants departed the event, they left with a renewed sense of purpose and determination to join forces in strengthening cyber resilience and promoting a secure digital future for Ghana.