Strengthen Security Systems - Banks Told

Posted on: www.dailyguideghana.com

Richard Kumadoe

By William Yaw Owusu

 Accra, Wednesday September 26, 2012.

A Fraud and Money Laundering prevention strategist is urging banks and financial institutions to strengthen their security mechanisms to boost confidentiality of customers.

“Data confidentiality and customer protection is becoming a high risk and of serious concern to customers as recent banking fraud schemes and robberies in the country could attest.

He told CITY & BUSINESS in Accra yesterday that banks and other financial institutions must “raise the bar” in establishing what he called “Sound and robust monitoring systems to strengthen the security systems in and around the operational environments.”

He said due to the open and complex nature and structuring of banking halls across the sub-region, there was the likelihood of “threats and vulnerabilities to the banks’ customers and assets” and it was of great concern to fraud and money laundering experts in the industry.

“Many of the banking halls/branches are congested with long queues during business hours, which are encouraging phishing schemes and shoulder surfing.

 “The act of direct observation, watching what numbers a persons taps into the key (ATM), signatures on cheques drawn and other vital information of customers are also posing concerns.”

He said criminals usually position themselves in close but not direct proximity to “covertly watch and observe PIN entered, signatures, amounts deposited and withdrawals by customers, sometimes in miniature/small video cameras.”

Mr. Kumadoe also stressed the need for banks to correct the lapses in the banking halls, saying “Security personnel assigned to various banks are often used as receptionist or operational staff, diverting their attention from their daily and approved security routines.”

“This could result in catastrophe if not corrected as this practice seriously affects logical and physical access security control breaches,” he cautioned.

He said the banks required “the strongest controls ever” to curb the surge in fraud and other banking crime across the sub-region.

He said “it is important for those in charge of security and risk management controls of the banks to implement regular test plans and adhere to constant and effective monitoring of activities unique to the bank operational environment.”