The specialized deposit-taking institutions (SDIs) and payment service providers (PSP) fraud report, 2023 identifies five main types of fraud in Ghanaian banks. Cash theft, cyber/email fraud, fraudulent withdrawals from accounts, document forgery and manipulation, and cheque fraud.
Of the five, cash theft emerged as the topmost fraud. It recorded a loss value of GH¢14.8 million as compared to GH¢1 million in 2022.
Cyber/email fraud followed with GH¢ 10.5 million, and fraudulent withdrawals totaled GH¢ 8.4 million in losses.
Fraudulent withdrawals from accounts recorded a loss of GH¢ 8.4 million, while forgery and manipulation of documents stood at GH¢ 6.9 million. Cheque fraud, on the other hand, stood at GH¢6.1 million.
The report further reveals that banks’ total loss value from fraud cases increased by 21 percent in 2023 compared to the previous year.
This translated to a monetary value of approximately GH¢63 million compared to GH¢52 million in 2022.
According to the report, ATM/POS/Card fraud recorded a significant jump due to the increased use of digital channels.
Regarding emerging frauds, SIM swap is reported to be on the rise, with 15 reported cases.
The Bank of Ghana urged banks to strengthen their electronic banking security to curb this situation. This, they said, will make it difficult to access by fraudsters.
Fraud Report: Background
The report was released on Monday September 17, 2024. It presented 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%).
The central bank has therefore 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.”
