Ghana’s banking sector must strengthen physical security, internal controls and cooperation with law enforcement to guard against increasingly sophisticated financial crimes, fraud prevention expert Richard Kumadoe has said.

Kumadoe said banks should not view the foiled Labone robbery attempt as an isolated armed-robbery incident but as part of a broader security challenge facing financial institutions.

Police said they intercepted a planned attack on three banks in the Labone area of Accra — GCB Bank, Ecobank and Zenith Bank — with two suspected robbers killed and another arrested.

Kumadoe said the incident should prompt banks to reassess both their physical and operational security.

“The banks are also aware that the nature of business they are in, it can make them soft to many of these ones,” he said on the Asaase Breakfast Show.

He called for stronger relationships between banks and the police, as well as effective anti-fraud units and internal control systems within financial institutions.

“One way of doing it is to have a good relationship with the police, and also make sure that the anti-fraud officers within the banks are not compromised,” he said.

Kumadoe said banks should also ensure that internal compliance and control mechanisms operate effectively and are regularly reviewed.

He identified physical security measures including access controls, alarm systems, sensors, guard patrols and security around cash storage as important components of a modern branch security system.

He said security assessments should extend beyond individual branches to include the surrounding environment and the relationship between bank personnel and law enforcement.

Kumadoe, who has conducted financial and security risk assessments for banks across Ghana, said security measures must also be tested after installation to ensure they continue to work as intended.

He said his work with financial institutions included assessing operational security and fraud prevention, improving technology and verifying whether installed security systems met contemporary requirements.

According to him, banks should not assume that security measures remain effective simply because they were installed.

“Within a year, you have to go back and see whether it is done properly or not,” he said.

Kumadoe also pointed to broader trends in financial crime, saying fraud remained a significant concern for the banking sector.

He referred to the Bank of Ghana’s annual fraud reporting, which he said had highlighted increases in reported fraud and specific vulnerabilities within the financial sector.

While armed robbery remains a threat, Kumadoe said financial institutions also face technology-enabled and other forms of fraud.

He said criminal activity was evolving alongside technology and that law enforcement and financial institutions needed to continually adapt.

“Crimes are evolving, technology is evolving, technicality from the side of the criminals and the police are also evolving,” he said.

Kumadoe further warned that the successful interception of suspects in Labone should not automatically be interpreted as the dismantling of a wider criminal network.

Criminal groups, he said, could operate in segments, with different people responsible for reconnaissance, logistics and the execution of an attack.

He said forensic evidence, DNA analysis and examination of criminal patterns could help investigators determine whether suspects were connected to previous incidents.

The security consultant also said banks had historically avoided publicising some attempted robberies because of concerns about their reputation.

“There have been several attempts, but the police will always quench it quietly, and because of the reputation of the banks, they don’t make it known, except that this one became a physical confrontation,” he said.

He urged banks, police and other relevant agencies to work together to improve intelligence sharing and strengthen preventive measures.

The Labone incident, he said, should therefore serve as a reminder that protecting financial institutions requires more than armed guards or physical barriers.

It requires continuous risk assessment, effective internal controls, intelligence sharing and close coordination between banks, law enforcement and other security stakeholders.