We don't have a trust crisis - BoG urges vigilance against rising digital fraud
Elhanan Owureku Asare, Head of the Fintech and Innovation Department at the Bank of Ghana, stated on Wednesday, July 22, at the JoyNews-Hubtel dialogue on fraud's impact on Ghana's digital economy, that Ghana's digital economy is not facing a trust crisis. He cautioned that failure to address rising fraud could erode public confidence in digital financial services. Mr. Asare said, "I don't think we have a trust crisis. I think we need to be aware that there can be a potential trust crisis. And I think the fact that we acknowledge that there can be a potential trust crisis gives us all the tools and ammunition and the drive to be able to arrest the situation."
Mr. Asare explained that fraud figures should be viewed in the context of significant growth in digital transactions since the introduction of mobile money in Ghana. He noted that the proportion of fraudulent transactions remains relatively small compared to the overall volume of digital transactions, but stressed this should not breed complacency. He called for greater investment in public education and data analytics.
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The Bank of Ghana's Head of Fintech and Innovation, Elhanan Owureku Asare, addressed concerns about rising digital fraud in Ghana's rapidly
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