Ghana’s Insurance Sector Advances with Digital Transformation, Financial Growth, and Literacy Initiatives

Absa-UPSA Law School roundtable examines digital banking fraud liability

The 15th Absa-UPSA Law School Quarterly Banking Roundtable convened industry leaders and legal experts to deliberate on the critical issue of liability in digital banking fraud. Held under the theme "Financial Services Fraud and the Era of Telephony Banking: Who Bears Liability and Responsibility to Protect?", the forum addressed the complexities of a financial landscape where digital accessibility has inadvertently opened new avenues for criminal activity. Participants explored the shifting legal and ethical boundaries of responsibility as fraud methods become increasingly sophisticated. Discussions during the roundtable highlighted that while the shift toward digital and telephony banking has significantly improved financial inclusion, it has also introduced significant risks. Experts noted that fraudulent schemes, such as phishing and impersonation, have become more prevalent, often exploiting the interface between telecommunications networks and banking platforms. The core debate centered on the extent to which financial institutions, telecommunications firms, and individual customers should share the burden of protection and the financial losses resulting from such crimes. A key consensus emerging from the event was the urgent need for enhanced collaboration between the banking sector and telecommunications companies. Speakers emphasized that because digital fraud often originates on mobile networks before reaching bank accounts, a siloed approach to security is no longer sufficient. To combat these threats effectively, stakeholders called for a more integrated framework that allows for real-time data sharing and a coordinated response to suspicious activities across different service providers. To stay ahead of evolving fraud tactics, the roundtable advocated for the adoption of advanced technological solutions, including Artificial Intelligence (AI), to improve detection and prevention. Participants concluded that a multi-layered defense strategy—combining robust technology, stricter regulatory oversight, and comprehensive public education—is essential to maintaining trust in Ghana’s digital financial ecosystem. The event underscored that securing the digital banking space is a collective obligation required to protect the interests of the banking public.