Financial sector regulators have been advised to collaborate in order to weed out or reduce fraudsters within the financial system.

This is coming after the Bank of Ghana warned the general public to be wary of a money-doubling scheme operating in the country under the pseudo name “Worldremit”.

Speaking to Joy Business, Finance Lecturer at the University of Ghana Business School, Dr. Benjamin Amoah said the Bank of Ghana and other financial sector regulators however cannot be blamed for acting late on ‘Ponzi Scheme’ activities.

According to him, these fraudsters are always one step ahead of the regulators, hence making it difficult in many cases for the regulators to fish them out.

“I’m sorry, we’re not going to have an end to these fraudulent activities. But then, the regulators must collaborate among themselves. The Bank of Ghana, SEC (Securities and Exchange Commission), NIC (National Insurance Commission), NPRA (National Pensions Regulatory Authority), they all have a responsibility to collaborate.”

Again, currently the regulators are too far from the consumers. Because you need information from the consumers who have been defrauded or are likely to be defrauded”, he added.

According to Dr. Amoah, the regulators should have a seamless reporting system that consumers can easily report any fraudulent activities.

“The system for reporting these fraudulent activities should not be too far from the consumers. Let’s have systems that makes it easy for the consumer to report.”