Financial Expert raises Red Flag over Internet Banking

As technology dominates the way of doing business in the smartest way, one area that technology is needed for customer flexibility and accessibility is the banking and financial industry.

But, internet banking in the country faces a severe threat due to the increasing sophistication of cyber fraud and the lack of willingness for bankers to investment adequately in software to protect their systems against cyber-attacks.

The Head of Financial Services, Strategy and Operations at KPMG, Robert Dzato in an interview has noted that, even though customers are also increasingly patronizing digital banking services, electronic fraud remains a major disincentive.

He said, “Most of the customers we’ve interviewed actually said – I’d like to use digital, I’d like to use internet banking but I’m concerned about the fraud. And so cyber security is a concern to a number customers and fraud as well. But that is beginning to change, well in our survey we found out that possibly only four percent of customers use online banking but that’s on the average across the banking industry in Ghana.”

Robert Dzato added that, “there are some specific banks that have done extremely well possibly in the region of 30%. If you go bank specific then you find that the story is changing, we are beginning to see some banks responding to that as well.

He said, “The truth is that when there is fraud cyber security issues, the banks and suffer and customer suffer as well. So it is strategic imperative for banks to begin to look at venerability, what platforms we are using and how do we ensure that our platforms are robust enough”

Source: Adnan Adams Mohammed

Ghana News Online

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