NDK and E-Crime Bureau educate clients on tackling cybercrime

The NDK Financial Services in collaboration with E-Crime Bureau Ghana have held a client seminar in Accra, Thursday to enlighten its clients of the rampant cyber-crime activities within the financial sector.

The theme of the seminar was ‘’The Emergence of Cyber Crime Activities and its Effects on Businesses.’’

It has been observed that cybercrime can totally disrupt a company’s marketing and business activities. Additionally, when a company falls prey to cyber criminals, it may cause a stir to its customers to worry about the security of their financial and business transactions.

This vulnerability, can lead to a decrease in the market value of the company, due to legitimate concerns of investors, shareholders and creditors.

Mr. Alex Oppong, Principal Consultant and Forensics Expert from the E-Crime Bureau in a presentation noted that in 2016, some 1,001 cyber fraud incidents were reported by the Bank of Ghana. (BoG)

This amounted to losses of approximately GHS244.32 million.

According to a Payment Systems Oversight report by the BoG, more than 80 percent of cyber-crime incidents investigated in 2016 and 2017 were successful due to the involvement of insiders.

Oppong indicated that in 2017, incidents reported to the E-Crime Bureau were mainly due to Email fraud, check fraud and counterfeit fraud amongst others.

“69 percent of these cyber-crimes were down to insider involvement and that is still quite worrying and could largely affect business activities in the financial sector,’’ he observed.

The Principal Consultant noted that financial institutions must take robust measures and systems to educate its clients as well as train its staff to tackle cyber-crime activities.

‘’Every company that uses technology is prone to cyber-crime activities and there is the need to further educate, create awareness and train its staff and clients to help curb the menace.’’

Every company, he added, can lose future business if it is perceived to be vulnerable to cybercrime.

Mrs. Kuorkor Ayisa, Managing Director of NDK Financial Services said there is the need for continuous collaboration and cooperation among stakeholders within the financial sector to constantly be one step ahead of cyber attackers.

In that regard, Mrs. Ayisa noted her outfit seeks to attain a 2020 target of being a more robust and technologically responsive company to its clients, stakeholders and investors.

By Mawuli Y. Ahorlumegah