{"id":218623,"date":"2024-09-18T03:26:34","date_gmt":"2024-09-18T03:26:34","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/18\/ghana-banks-report-fraud-cases-of-gh%c2%a263m-in-2023\/"},"modified":"2024-09-18T03:26:34","modified_gmt":"2024-09-18T03:26:34","slug":"ghana-banks-report-fraud-cases-of-gh%c2%a263m-in-2023","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/18\/ghana-banks-report-fraud-cases-of-gh%c2%a263m-in-2023\/","title":{"rendered":"Ghana banks report fraud cases of GH\u00a263m in 2023\u00a0"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft size-medium wp-image-182782\" src=\"https:\/\/www.ghanabusinessnews.com\/wp-content\/uploads\/2018\/03\/Fraud-300x180.jpg\" alt=\"\" width=\"300\" height=\"180\" srcset=\"https:\/\/www.ghanabusinessnews.com\/wp-content\/uploads\/2018\/03\/Fraud-300x180.jpg 300w, https:\/\/www.ghanabusinessnews.com\/wp-content\/uploads\/2018\/03\/Fraud.jpg 730w\" sizes=\"(max-width: 300px) 100vw, 300px\"\/>Banks reported GH\u00a263 million in fraud cases in 2023, up from GH\u00a252 million in 2022, a 21 per cent increase.\u00a0<\/p>\n<p>The top five fraud categories by loss value in 2023 were cash theft (cash suppression), cyber\/email fraud, fraudulent account withdrawals, document forgery and manipulation, and cheque fraud.<\/p>\n<p>In 2023, Cash Theft (Cash Suppression) had the highest fraud loss at GH\u00a214.8 million, a 14-fold increase from the previous year\u2019s GH\u00a21 million, the annual Fraud Report by the Bank of Ghana (BoG) indicated.<\/p>\n<p>The report found that cash suppression fraud was mostly prevalent in rural banking, but a few cases recorded by universal banks in 2023 involved significant amounts.<\/p>\n<p>The report sought to raise awareness about fraud occurrences and trends to promote the integrity of the banking system.<\/p>\n<p>The 2023 report presents fraud typologies found in terms of the services provided by banks, specialized deposit-taking institutions (SDIs), and payment service providers (PSPs).<\/p>\n<p>The report stated that a cash theft of $466,000.00 was documented at a universal bank, which when converted to cedis resulted in a considerable increase in loss value within the banking sector.\u00a0<\/p>\n<p>\u201cFor fraud involving foreign currencies, the total loss value recorded in 2023 stood at $1.7 million and \u00a30.048 million,\u201d it said, noting that those fraudulent activities in forex had a huge impact on the total loss value in Ghana cedi terms.<\/p>\n<p>According to the report, cyber\/email fraud resulted in a loss of GH\u00a210.5 million, while illicit withdrawals from accounts cost GH\u00a28.4 million.\u00a0<\/p>\n<p>In 2023, forgery and document manipulation resulted in a loss of GH\u00a26.9 million, a 78 percent decrease from GH\u00a232 million in 2022.<\/p>\n<p>Cheques fraud, also cost the sector some GH\u00a26.1 million.<\/p>\n<p>Source: GNA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Banks reported GH\u00a263 million in fraud cases in 2023, up from GH\u00a252 million in 2022, a 21 per cent increase.\u00a0 The top five fraud categories by loss value in 2023 were cash theft (cash suppression), cyber\/email fraud, fraudulent account withdrawals, document forgery and manipulation, and cheque fraud. In 2023, Cash Theft (Cash Suppression) had the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":216168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-218623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana banks report fraud cases of GH\u00a263m in 2023\u00a0 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/09\/18\/ghana-banks-report-fraud-cases-of-gh\u00a263m-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana banks report fraud cases of GH\u00a263m in 2023\u00a0 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Banks reported GH\u00a263 million in fraud cases in 2023, up from GH\u00a252 million in 2022, a 21 per cent increase.\u00a0 The top five fraud categories by loss value in 2023 were cash theft (cash suppression), cyber\/email fraud, fraudulent account withdrawals, document forgery and manipulation, and cheque fraud. 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