Insurance key to safeguarding funds during e-commerce

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Ebo Richardson, the Chief Enablement Officer at Absa Bank Ghana, has urged businesses not to lose sight of the importance of insurance when safeguarding their e-payment structures while utilising e-commerce.

Insuring e-payment structures will help secure the money of businesses and customers in the event of some losses, Mr. Richardson said on the Citi Business Festival‘s on-air series.

“When you are doing these kinds of online payments and the like, the safety is key and the security is key but insurance is also important because, what happens is, when something goes wrong, insurance can then take care of it and make sure you and your customer don’t lose money.”

As far as cybersecurity is concerned, Mr. Richardson urged businesses not to spare any expense.

“When you are doing business, you don’t just go buy some Micky Mouse outfit where you are at many many risks. You need to go with very trusted, secure, safe payment hubs who are going to help you.”

He reminded the public that the threat of fraud is everpresent amid efforts to move towards a cashless society.

“We are also living in a world where we have dubious characters who want to reap where they haven’t sown and there is an explosion of fraud and so many other things happening so beyond that, you need to look at the safety and security of the whole payment process.”

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