Technology can stop hackers, but not customers surrendering their PINs - BoG Fintech Head
Elhanan Owureku Asare, Head of Fintech and Innovation at the Bank of Ghana, stated that technology alone cannot stop digital fraud if customers are tricked into giving away their passwords and PINs. He said, "One thing that we always forget is that we can protect the technology. We can protect it, prevent it from being hacked. Cyberattacks can be prevented. As we speak, we have FICSOC, the Financial Industry Command Security Operations Centre, where financial institutions are now adding fintechs to be connected to it to prevent cyberattacks."
Mr. Asare noted that financial institutions can invest in secure applications, cybersecurity systems, and stronger authentication tools, but fraudsters often bypass these protections by targeting the customer directly. He identified social engineering as the harder problem, where fraudsters manipulate customers into giving away security details. Mr. Asare was speaking in a yet-to-be-aired documentary, "The Trust Crisis," ahead of the maiden Digital Economy Forum.
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The Bank of Ghana's Head of Fintech and Innovation, Elhanan Owureku Asare, addressed the limitations of technology in preventing digital fraud. He
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