Ghana loses GH¢88m to fraud cases- BoG

Bank of Ghana data collated from the three sub-sectors (Banks, SDIs, and PSPs) indicated that overall, the count of fraud cases increased to 15,865 in 2023 from 15,164 in 2022, reflecting a 5% rise, The Inquirer has learnt.

The cases corresponded to total loss value of approximately GH¢88 million in 2023 as compared to GH¢82 million in 2022, indicating an increase of about 7%.
Analysis of the 2023 data showed that fraud heightened in fraudulent withdrawals from victims’ accounts, cyber/email fraud, and cash theft (cash suppression).

Another area of concern, according to the annual Fraud Report by the Bank of Ghana (BOG), is SIM swap related fraud, where SIM numbers linked to banking accounts are fraudulently taken over and monies subsequently withdrawn from the accounts. This form of fraud targets individuals who have banking applications on their mobile phones and have linked their bank accounts to mobile money wallets.

Attempted fraud cases in the banking and SDI sectors however declined sharply by 59% in 2023 compared to 2022, the total loss value associated with these cases stood at approximately GH¢72 million, a 29% increase over the 2022 figure of GH¢56 million recorded. The sharp increase in the loss value was influenced by outlier fraud cases involving foreign currencies, which when converted to Cedi, ballooned the 2023 attempted fraud value at loss.

The annual Fraud Report released yesterday by BoG, stated that “The PSP sector also recorded a loss of GH¢16 million involving 14,655 cases in 2023. Although the loss value recorded in 2023 represented a 38% decline compared to the GH¢26 million recorded in the previous year, the incidents showed a 20% increase compared to the 12,166 cases in 2022.”

As remedial action the BoG said it would continue to engage institutions with high incidences of fraud to develop action plans to address such incidences in the industry. The BOG has also strengthened its engagement with relevant stakeholders to enhance collaboration in the fight against cyber related fraud.

The report also highlighted some directives by BOG to banks, SDIs and PSPs which, if implemented, will help reduce the incidence of fraud in the sector.

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Source: inquirernewsroom.com