Banks reported a total of 716 fraud cases in 2024- BoG reports

Banks in Ghana reported a total number of 716 cases of fraud in 2024, this is according to the latest report by the Bank of Ghana. This number means a decline in fraudulent activities involving banks by 26% compared to the count of 969 cases recorded in 2023.

The report indicated that the downward trend can be attributed to the improvement of internal controls within the banking sector.

The report also stated it is mandatory for all banks to report fraud cases to the Bank of Ghana when they occur as prevention of fraud and detection remain a key element of the BoG’s efforts to maintain financial integrity.

Industry data also shows some improvement within the bank and Specialised Deposit-Taking Institutions (SDI) sectors.

The report also mentioned that despite the fact that the banks and SDIs showed a decline in the number of cases recorded in 2024 compared to that of 2023, fraud in the Payment service Providers (PSP) sector rose up in 2024.

In total, the aggregate data gathered from three sub-sectors indicate that fraud cases rose from 15,865 in 2023 to 16,733 in 2024, that is a 5% increase. In value, the cases total to a total value at risk of approximately Gh¢99 million in 2024, to Gh¢88 million in 2023, indicating an increase of 13%.

The 2024 data show a significant increase in forgery and manipulation of documents, and impersonation/identity theft.

It has also suggested significant decreases in cyber/e-mail fraud, fraudulent withdrawals and cash theft/suppression.