Bank of Ghana’s new headquarters
The Bank of Ghana report has disclosed that in 2024, banks reported a total count of 716 fraud cases.
This indicates a 26% drop from the count of 969 cases in 2023.
According to the report, the downward trend in fraud cases can be attributed to the improvement of internal controls within the banking sector.
The report stated that fraud prevention and detection remain a key element of BoG’s effort in maintaining financial integrity, adding that it is, therefore, mandatory for all banks to report fraud cases to the BoG as and when they occur.
The data obtained from the industry showed improvement within the bank and SDI sectors.
The report also said although banks and SDIs showed a decline in the number of cases reported in 2024, as compared to 2023, the count of fraud in the Payment Service Providers (PSP) sector increased in 2024.
The data also shows a decline in the value at risk of the Specialised Deposit-Taking Institutions (SDI) sector in 2024 as compared to 2023.
Overall, the aggregate data collated from the three sub-sectors indicate that the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise.
These cases correspond to a total value at risk of approximately GH¢99 million in 2024 as compared to GH¢88 million in 2023, indicating an increase of 13%.
Analysis of the 2024 data showed notable increases in forgery and manipulation of documents, and impersonation/identity theft.
The data, however, suggested significant decreases in cyber/e-mail fraud, fraudulent withdrawals and cash theft/suppression.
SP/AE
Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below: