Cashless Society: Businesses must adequately guard against fraud

Chief Technology Officer of IT Consortium, Ebow Anamoah-Mensah, has stressed the need for companies to employ adequate digital tools to safeguard against fraud as Ghana moves towards a cashless society.

Speaking during the on-air series of the Citi Business Festival on Citi Breakfast Show on Tuesday, Mr. Anamoah-Mensah said businesses ought to be mindful of the welfare of customers and take the necessary precautions.

“It is important that businesses put sufficient systems in place to protect their systems from attack because once their systems get attacked, then the customer is going to suffer,” he said.

Mr. Anamoah-Mensah noted that the criminals seem to be one step ahead which is why “you have various regulations on how businesses should protect their systems and also inform customers of certain new strategies.”

These notwithstanding, Mr. Anamoah-Mensah said patrons of financial technology need to have sufficient knowledge to protect themselves.

Taking precautions in the space is not difficult, Mr. Anamoah-Mensah noted.

“When it comes to fraud in the digital arena, for me, it is easier to protect yourself and avoid fraud once you understand and people need to acquire the knowledge, to use the tools, to protect themselves… when you compare even a card to mobile money, mobile money is even easier to secure yourself than with a card.”

“Those who have been defrauded before, if you ask them, they have protected themselves. They know what to do to protect themselves. Those who haven’t shouldn’t wait [to be defrauded],” he said.

Mr. Anamoah-Mensah was speaking on the cashless economy and what it means for businesses and commerce.

He also advised businesses to use customers’ data collated from their backend digital platforms to improve their services.

Ghana, others in Africa may take 20-yrs to go fully cashless

The Chief Technology Officer of IT Consortium also said, although Ghana is gradually becoming a “commonplace” for cashless transactions, it requires a few more years for it to be nationally adapted.

The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.

This year’s edition is hinged on five thematic areas, namely:

Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.

Week 2: Doing business in Ghana.

Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.

Week 4: Trade –  AfCFTA: Opportunities for investment & Job creation in Ghana.

Week 5: Oil and Gas  – The opportunities for indigenous businesses.

There will be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the entire month.

The radio on-air series, from Monday to Thursday on the Citi Breakfast Show, is themed to correspond with the virtual fora.

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