Mobile money has been poorly regulated – Cyber ​​security expert


Slamm Technologies CEO Samuel Boateng said mobile money operations were poorly regulated in the country.

He said 11 years after the service was introduced in Ghana, the country should not be struggling with such high rates of fraud cases in the industry.

Since its introduction in 2011, the mobile money service has promoted financial inclusion in the country, however, the service continues to attract the attention of scammers who trick unsuspecting customers into huge sums of money.

The number of fraudulent incidents related to mobile money continues to increase every year despite many efforts by telecom companies to combat it.

Speaking in an interview with the Daily Graphic to mark Cyber ​​Security Awareness Month which takes place in October, Mr Boateng said there were no proper policies and regulations to tackle the associated fraud.

“Telecommunications operators and the government should now be able to introduce appropriate regulations and policies to tackle crime in the sector,” he said.

Lack of cybersecurity infrastructure

Mr Boateng pointed out that the country lacks an appropriate cybersecurity infrastructure to tackle fraud in the digital space.

He said the situation was not only peculiar to Ghana, but to the rest of sub-Saharan Africa.

On why sub-Saharan Africa was one of the continents with the fewest reported fraud incidents, he said it was not because the continent has strong systems, but rather because of the low rate. use of digital channels.

“We are not seeing high incidents of cybercrime because there is nothing to report. We don’t use the systems as we should because the cash flow system is still high here.

“So compared to developed countries where most things are now digital, we’re not there yet,” he said.

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Set up the right systems

With the increasing use of digital platforms due to the COVID-19 pandemic, he urged companies to put the right cybersecurity systems in place.

“They need to put in place an endpoint detection system that will check for cyber fraud,” he noted.

He said the word organizations IT infrastructure was vague and therefore urged them to put in place the right systems that would protect their businesses and their integrities.

“They need to create a system that can identify vulnerabilities, weaknesses or risks so that customers can be safe when using their online platforms,” he said.

The implementation of the policy

Mr Boateng pointed out that while Ghana had the right cybersecurity policy framework, what was missing was the lack of implementation.

“We put the right policies in place but don’t implement them. If we have to implement them, especially the security measures, everything will be fine, ”he said.

He said that while the government’s decision to establish security operations centers that will serve as centralized units to deal with organizational and technical security issues in the country is laudable, it should be done in all regions. to get the necessary results.

“The government security operations center is only located in some places and not in all regions and this will seriously affect us. How does someone in another region report an incident?

“So until they implement the policy in all regions and train a lot of security experts, we’re not going anywhere. It’s not just policies that will solve the problem, we need experts on the ground who will collect the data and investigate it, ”he said.

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