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The financial institutions in the country experienced a total loss of GHS 56 million because of fraud in the year ending 2022. This represents a decrease of 7.8% compared to the GHS 61 million recorded in 2021, as stated in the 2022 fraud report by the Financial Stability Department of the Bank of Ghana.
The report outlined instances of attempted or successful fraudulent activities across banks, specialized deposit-taking institutions, and payment service providers. The top five fraud activities that significantly affected these institutions were:
- A forgery and document manipulation.
- Fraudulent withdrawals.
- Cheque fraud.
- Cyber/email fraud.
- Cash theft (also known as cash suppression).
Other reported fraud activities included E-money fraud, ATM fraud, burglary, lending and credit fraud, and impersonation. The data reveals that 2022 witnessed a notable increase in attempted fraud, resulting in a loss value of GH¢165 million. Throughout this period, 15,164 fraud incidents were recorded.
Out of these incidents, the payment service provider (PSP) sector accounted for 12,166 cases, representing 80% of the total fraud count. The banks and specialized deposit-taking institutions (SDIs) reported 2,998 points, making up 20% of the total fraud count.
Although staff involvement in fraud remains a concern, there has been a downward trend because of the Bank of Ghana’s imposition of strict sanctions and the sector institutions’ efforts to enhance controls.
The Bank of Ghana, in collaboration with the Committee for Cooperation between Law Enforcement Agencies and the Banking Committee (COCLAB), will continue to work with law enforcement agencies to prosecute individuals involved in fraudulent activities.
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Source: Omanghana.com
