According to the 2023 Banks, Specialized Deposit-Taking Institutions (SDIs) and Payment System Providers (PSPs) Fraud Report, the year 2023 saw an increase in staff involvement in fraudulent activities.
The report was put together by the Financial Stability Department of the Bank of Ghana and covers SDIs across Ghana.
The number stood at 188 in 2022 but rose to 274, which represents a percentage increase of forty-six percent (46%).
Thus, the central bank has expressed concern about the increased number and directed banks to strengthen their internal controls, enhance staff due diligence during recruitment, and ” reinforce continuous in-house staff training on professional conduct.”
The Fraud Report further identified a ninety percent (90%) increase in the value of e-money transactions. There is also an increase of 36 percent in the volume of e-money transactions from 2022 to 2023.
The report indicates that the incidents reported are primarily social engineering methods used by fraudsters.
It states that electronic frauds rose from 12,166 in 2022 to 14,655 in 2023, representing a twenty percent (20%) increase.
Fraud Loss value
Despite the increase in fraudulent activities, the Report recorded a monetary loss of GH¢16 million. This was a reduction from the GH¢26 million recorded in 2022.
Thus, in percentage terms, the year 2023 recorded a decline in fraud loss value of thirty-eight percent (38%) compared to 2022.
The Bank of Ghana has directed payment system providers to implement robust financial fraud programs and processes to curb related fraud. They urged them to provide all points of sale and outlets with adequate information on fraud risk management.
Additionally, they are to continue to share fraud-related information with the Bank of Ghana and other relevant institutions.
