UBA Chief Advises Banks, Others to Develop Security Models to Deal with Fraud

Regional Chief Executive Officer (RCEO) for West Africa of the United Bank for Africa, Mrs Abiola Bawuah

Accra, Ghana, September 16, 2020//-The Regional CEO of UBA West Africa, Mrs Abiola Bawuah, has advised banks and financial institutions to develop security models that can overpower the sophistication with which fraud is perpetuated.

She noted the novel Coronavirus pandemic has led us to be more dependent on technology which present a challenge to securing them in order to protect our systems from these fraudsters.

“These fraudsters become sophisticated by the day, and it behoves on us, to also be a step ahead of them. For all the many years that I have known Chiedu, I know he’s got the right expertise to write a book that can provide solutions for Fraud.

Mrs. Bawuah was speaking at a ceremony where two books that speak to fraud and building SMEs were launch in Accra.

The Author who is the Country Chief Inspector of the United Bank for Africa, Chiedu Okonta also called on businesses and financial institutions to institute robust security systems and surveillance in order to be fraud protected. This he noted has become necessary, due to the increasing cases of fraud recorded in the financial sector.

 

A 2014 PWC report showed the typical business loses 5% of annual revenues due to fraud and when this is applied to global GDP, the result is an estimated $3.7 trillion in annual fraud losses.

This report also indicated, only 14% of businesses are able to fully recover from unauthorized transactions and other fraudulent activities.

The rising costs of fraud as a percentage of revenues present a cause for concern to the global economy.

As part of efforts to nib this canker in the bud, the financial sector has been presented with two books on the subject matter.

The books “Stamp out Fraud in your stem and Keys to Sustainable SMEs” are thought provoking on combating fraud and assisting with SME development.

Mr Okonta underscored the need for business, both large and small to be vigilant and responsive to the growing demands of the business environment

“I have written these books after many years of careful practice and surveillance. I am optimistic that it will be a reliable guide for SMEs who want to grow, and also support large businesses to be able to withstand fraud,” he said.

The books are currently available in all leading bookshops.

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