Cheque fraud in Ghana increased in 2019 – BoG

Business News of Thursday, 13 August 2020

Source: 3 News

The Bank of Ghana recorded a total of 2,295 cases of fraud in 2018 The Bank of Ghana recorded a total of 2,295 cases of fraud in 2018

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The number of cheque fraud cases increased marginally by 2.56 per cent from 39 cases in 2018 to 40 cases in 2019, the Bank of Ghana (BoG) has said.

This, according to the central bank, includes fraud incurred as a result of cloned cheques, stolen cheque leaflets and cheque alteration.

Notable, however, is the increase in the number of cases reported as cheque cloning, which originates from the operation of syndicates involving staff of financial institutions, telecommunications companies and cheque-printing houses.

The BoG further announced that the banking industry reported approximately GH¢115.52 million as fraud to the central bank.

Of the total values reported, the BoG said, approximately GH¢33.44 million, representing 28.96 per cent was reported as losses incurred while approximately GH¢82.06 million, representing 71.04 per cent was recovered.

The Bank of Ghana recorded a total of 2,295 cases of fraud, representing a 5.4 per cent increase in cases reported in 2018.

Rural and community banks reported 55 per cent of the total cases, and commercial banks and savings and loans institutions reported 23 per cent and 22 per cent of the cases respectively.

In total, 83 institutions reported cases in 2019, as compared to 72in 2018.

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