By Ashiadey Dotse
The Bank of Ghana (BoG) has directed all banks and financial institutions in the country to report every case of fraud directly to the central bank. This includes both attempted and successful fraud. Institutions are also required to submit a monthly report even if no fraud occurred.
According to the BoG, the rise in digital banking has made the financial system more vulnerable to fraud. Criminals are constantly finding new ways to trick customers and steal money, prompting the central bank to take stronger measures to combat these activities.
In its latest fraud report, the BoG revealed that banks reported 716 fraud cases in 2024, representing a 26% drop from the 969 cases recorded in 2023. The decline is attributed to improved internal security measures by the banks.
However, while fraud cases decreased among banks and Savings and Deposit-Taking Institutions (SDIs), Payment Service Providers (PSPs) experienced an increase. Overall, all financial institutions recorded 16,733 fraud cases in 2024, up from 15,865 in 2023. The total amount of money at risk also rose to GH¢99 million in 2024, compared to GH¢88 million the previous year.
Forgery, fake documents, and identity theft were the most common types of fraud in 2024. Although cyber fraud and cash theft declined, forgery and document manipulation increased sharply, leading to the biggest financial losses.
The BoG emphasized that fraud not only results in financial loss but also damages the reputation of banks and erodes public trust. It is urging banks to strengthen internal controls, train their staff, and educate customers on how to avoid falling victim to fraud.
The report also noted that recovering stolen funds has become more difficult due to lengthy legal processes, which often discourage banks from pursuing legal action.
