Mastercard Concludes Second Fraud and Cyber Resilience Forum in Accra

Mastercard, a global payment technology leader, successfully wrapped up its second edition of the Fraud and Cyber Resilience Forum in Accra, Ghana. The event served as a crucial platform for industry stakeholders to come together and address urgent cybersecurity challenges facing the financial sector.

Building on the success of last year’s inaugural forum, this year’s event saw increased participation from experts and professionals eager to tackle the evolving cyber risks that organizations encounter in today’s digital landscape.

With cybercrime, including identity theft and phishing, on the rise, Mastercard has made it a priority to enhance fraud prevention and cybersecurity efforts globally, with a particular focus on Ghana. The urgency of this commitment is underscored by the alarming GH¢49.5 million in direct financial losses due to cyber fraud recorded in Ghana from January to June 2023.

“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,” said Bossman Kwapong, Country Director for Ghana, Mastercard.

“Hosting events like the Fraud and Cyber Resilience Forum is not just a proactive measure—it’s essential for enhancing awareness and resilience within the Ghanaian ecosystem.”

The forum addressed the latest tactics used by cybercriminals, the assets they target, and the motivations behind their attacks. With a specific focus on the financial services sector, discussions included an in-depth examination of the local cyber threat landscape and effective strategies to mitigate vulnerabilities that could impact business profitability.

Mastercard also showcased its advanced fraud detection solutions, including the Decision Intelligence system, designed to swiftly identify and counter fraudulent activities in real-time, thereby safeguarding customers’ accounts and transactions.

Participants expressed a shared commitment to collaboration and knowledge-sharing, emphasizing the need for proactive measures to reduce cyber risks within Ghana’s financial ecosystem.

The consensus highlighted the importance of ongoing dialogue and collective action to strengthen cybersecurity infrastructure against emerging threats.

As the forum concluded, attendees left with a renewed sense of purpose and determination to collaborate in enhancing cyber resilience and promoting a secure digital future for Ghana.

The post Mastercard Concludes Second Fraud and Cyber Resilience Forum in Accra appeared first on The Ghanaian Chronicle.

Read Full Story