CalBank denies GHS110m was siphoned by fraudsters


CalBank, a Ghanaian universal bank, has denied that an amount of Ghc110 million was siphoned from the bank by fraudsters using its Information Technology (IT) system, as reported in the media recently. The bank said contrary to the media reports, only an amount of GHS255,000 was at risk and out of that, it has recovered GHS130,000 with the help of the security agencies.

According to a release issued and signed by the management of the bank, some suspicious activities were detected on the bank’s computer system on 4th July last year. It turned out it was fraudsters attempting to transfer an amount of Ghc110 million from the bank but it successfully foiled the attempt.

“The Bank’s IT risk systems upon detecting the fraudulent acts immediately stopped and blocked further transfers. The amount at risk was less than GHS255,000 of which GHS130,000 has been recovered,” the release said.

The indigenous lender explained that the attempted fraudulent transfers were reported to the police and other security agencies upon detection. Consequently, with the assistance of the Cyber Crime Unit of the Criminal Investigation Department of the Ghana Police Service, the suspected individuals were arrested leading to the recovery of the GHS130,000.

Calbank said its IT systems are robust and gave the assurance that depositors’ funds were safe.

“CalBank assures all its customers, shareholders and stakeholders that the attempted fraud was foiled thanks to the Bank’s robust IT security system… CalBank further assures its customers, shareholders and stakeholders that their interest will continuously be protected,” the release from the publicly-listed bank assured.

“We continue to invest heavily in our IT Security and Risk management systems to forestall any future fraud attempts on the Bank. In addition, the Bank has been PCIDSS certified and is also implementing ISO 27001 certification to further enhance the Bank’s IT security environment,” the statement added.

Calbank, formed in 1990, is an award-winning private-sector focused lender and is one of a few banks operating in Ghana which is listed on the Ghana Stock Exchange.

Credit: CalBank

GB&F Magazine

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