The Bank of Ghana’s (BoG) 2023 Fraud Report has unveiled a concerning trend of rising financial crime in the country, with total losses escalating to GH¢88 million.
This represents a 7% increase compared to 2022, reflecting the growing threat to the banking and financial sectors.
According to the report, the banking and Specialized Deposit-Taking Institutions (SDIs) sectors recorded 15,865 fraud cases, up from 15,164 in the previous year. Payment Service Providers (PSPs) also saw a significant rise in incidents, with cases jumping by 20% to 14,655.
The report highlights several alarming areas of concern, including fraudulent withdrawals from victims’ accounts, cyber/email fraud, and cash theft.
SIM swap-related fraud, which specifically targets individuals with banking applications on their mobile phones, continues to pose a major risk.
Although attempted fraud cases in the banking and SDI sectors fell by 59% in 2023, the total loss value soared by 29%, reaching GH¢72 million. Meanwhile, the PSP sector suffered a loss of GH¢16 million, despite a 38% decline in losses compared to the previous year.
In response to these troubling trends, the BoG has ramped up its efforts to combat cyber-related fraud by enhancing collaboration with relevant stakeholders.
The central bank has issued new directives aimed at reducing the incidence of fraud across banks, SDIs, and PSPs.
As the security of Ghana’s financial sector remains a growing concern, stakeholders are calling for increased vigilance and cooperation to protect the industry from the escalating threat of fraud.
