Fraud poses one of the greatest threats to Ghana's efforts to deepen financial inclusion and could reverse years of progress if it is not addressed effectively, William Nana Danso Abeam, Country Head of Consumer and Commercial Banking Products at Ecobank Group Plc, has cautioned.

Speaking on Joy Business Masterclass hosted by Yaw Anim Barnafo, Mr. Abeam said trust remains the foundation of digital financial services and is critical to expanding access to banking and other financial products.

The discussion formed part of a month-long discussion on Understanding Financial Inclusion, where he explored the growing role of fraud as a major barrier to financial inclusion in the digital age.

According to him, the increasing sophistication of fraudsters and the growing number of attacks across the financial services industry are threatening public confidence in digital financial platforms, making trust management a strategic priority.

"If you ask me to select or maybe make a choice of one big risk or one thing that would stand in our way with the progress that we are making with financial inclusion, because we are now leveraging more on digital, it is the issue of trust. People would need to trust the system; trust is key, and I think that if we don't deal with the issue of fraud very well, it will erode the trust that we have in the platforms that are enabling financial inclusion. And it's not one person's job when it comes to fraud. Everybody is included. Everybody plays a role. From you, the consumer, to the banks, to the fintechs, to the mobile money network operators, to the telcos, to the government. Everybody has a role to play," he said.

Mr. Abeam stressed that fraud has evolved into a much broader challenge than many people initially assumed.

He explained that while early incidents were largely associated with mobile money services, fraudsters have expanded their operations to target banks, investment companies, and insurance firms, making the issue one that affects the entire financial ecosystem.

"Because, you see, when fraud in the space started, people thought it was just the mobile money issue. But not long after they moved from the mobile money stage, they hit the banks; now they are hitting investment companies and insurance companies, so it's everybody in the space, all the services we provide," he added.

He also warned that fraudsters have become significantly more sophisticated, making it increasingly difficult for individuals to identify fraudulent attempts, saying, "What is scary about it is that, years ago, you know, when people start talking, you know this person is not very educated, so by the grammar, you can easily identify them, but these days very sophisticated people are going in there, so we all need to come together and support the drive against fraud."

Mr. Abeam noted that social engineering remains one of the most commonly used tactics employed by fraudsters to gain access to victims' personal information and financial accounts.

"You, the customer, must be involved, get to know, I mean, people will call you, and you know, the user social engineering is the most utilized form; you know, they call you, they pick information, and they use that to actually have access," he emphasised.

He therefore called for greater collaboration among consumers, banks, fintech companies, mobile money operators, telecommunications companies, and government institutions to strengthen the country's fight against financial crime.

According to him, preserving public confidence in digital financial platforms is essential to ensuring more people continue to adopt formal banking services and digital financial solutions.

"We need everybody to be involved when it comes to fraud. Else, the progress we are making will be eroded because people would lose trust in the system," he stated.

Mr. Abeam concluded that protecting trust is no longer only a banking concern but a shared national responsibility, warning that failure to tackle fraud effectively could undermine Ghana's financial inclusion agenda and slow the country's transition towards a more digitally connected financial system.

Joy Business Masterclass airs every Wednesday at 1:15 p.m. on Joy FM and is hosted by Yaw Anim Barnafo.