The Executive Director of the Economic and Organised Crime Office (EOCO), COP Maame Yaa Tiwaa Addo-Danquah (Mrs.), has underscored the importance of both awareness and action in combating financial fraud that threaten not only Ghana’s financial systems but also the broader societal trust in public institutions.
Speaking to public sector leaders, COP Addo-Danquah noted the increasing sophistication of fraudulent activities, with new schemes appearing regularly.
She stated that EOCO’s job has become more reactive and innovative due to the constantly evolving nature of fraud schemes.
“Each day, we see criminals adapting to and even anticipating the systems we put in place to stop them. This makes our job not only reactive but also one of constant innovation,” she remarked.
According to her, one of the core challenges EOCO faces is the limited resources available for effective prevention.
She lamented that budget constraints often hamper operations, stressing the need for additional support and investment.
“Preventing and detecting fraud requires considerable resources—technology, skilled personnel, training—and unfortunately, our budgets don’t always allow us the flexibility we need.”
“It’s a significant hurdle, and one we must work to overcome with strategic partnerships and support,” she stated.
The Senior Police Officer also stressed the risk of insider threats—a vulnerability that organizations rarely expect but one that can have profound impacts when it occurs.
“Insider threats are particularly challenging because we are talking about people within the system—our own employees or trusted partners—who know exactly where the vulnerabilities are.”
“These individuals have access and insight that external actors simply do not,” she explained.
In an increasingly globalized world, cross-border fraud schemes have also become a serious concern, with criminals exploiting regulatory gaps between nations to evade detection.
Globalization, she said, while beneficial in many ways, has also opened up new avenues for financial crime.
“Fraudsters can operate from virtually anywhere in the world, making it crucial for us to collaborate with international agencies to track and prevent cross-border fraud,” she added.
According to her, another obstacle is balancing security measures with user experience, especially as citizens expect more accessible and seamless services.
“We want to protect our systems, but we also want to ensure that the user experience is not compromised. It’s a delicate balance,” she said, noting that achieving this balance often requires advanced technology and continual system refinement.
COP Maame Yaa Tiwaa also expressed concern about the lack of employee awareness, emphasizing the need for constant staff training to close knowledge gaps that fraudsters could exploit.
EOCO staffs, she said, are Ghana’s first line of defense, yet many lack the awareness to recognize and respond to potential fraud.
She stressed that training and continuous education is critical to empowering employees to safeguard against fraud, even unintentionally.
