Dr. Ernest Addison<\/strong><\/p>\n\u00a0<\/p>\n
The Bank of Ghana (BoG) has released its annual Fraud Report for 2023, revealing a 5% increase in fraud cases and a 7% rise in losses, totaling GH\u00a288 million.<\/p>\n
According to the report, the banking and Specialized Deposit-Taking Institutions (SDIs) sectors recorded 15,865 fraud cases in 2023, up from 15,164 in 2022.<\/p>\n
The Payment Service Providers (PSPs) sector also saw a 20% increase in incidents, with 14,655 cases reported.<\/p>\n
The report highlights fraudulent withdrawals from victims\u2019 accounts, cyber\/email fraud, and cash theft (cash suppression) as areas of concern.<\/p>\n
SIM swap-related fraud, which targets individuals with banking applications on their mobile phones, remains a significant threat.<\/p>\n
While attempted fraud cases in the banking and SDI sectors declined sharply by 59% in 2023, the total loss value associated with these cases stood at approximately GH\u00a272 million, a 29% increase over the 2022 figure.<\/p>\n
The PSP sector recorded a loss of GH\u00a216 million involving 14,655 cases in 2023, representing a 38% decline compared to the GH\u00a226 million recorded in the previous year.<\/p>\n
The BoG has attributed the rise in fraud cases to various factors, including the increasing use of digital banking services and the growing sophistication of cybercrime.<\/p>\n
To combat this trend, the BoG has strengthened its engagement with relevant stakeholders to enhance collaboration in the fight against cyber-related fraud.<\/p>\n
The central bank has also issued directives to banks, SDIs, and PSPs aimed at reducing the incidence of fraud.<\/p>\n
The report comes amid growing concerns over the security of Ghana\u2019s financial sector.<\/p>\n
In recent years, the country has seen several high-profile banking scandals, including the collapse of several banks and the prosecution of former bank executives.<\/p>\n
The BoG\u2019s Fraud Report is part of efforts to promote transparency and accountability in the financial sector.<\/p>\n
The report provides valuable insights into the nature and scope of fraud in Ghana\u2019s banking and financial services industry.<\/p>\n
As the BoG continues to work towards improving the security and integrity of the financial sector, stakeholders are calling for increased vigilance and cooperation to combat the rising threat of fraud.<\/p>\n
The full report is available on the Bank of Ghana\u2019s website.<\/p>\n
Background:<\/p>\n
The Bank of Ghana\u2019s annual Fraud Report provides a comprehensive overview of fraud trends and losses in Ghana\u2019s banking and financial services industry.<\/p>\n
In 2022, the report revealed a total of 15,164 fraud cases, with losses totaling GH\u00a282 million.<\/p>\n
The 2023 report shows a continued rise in fraud cases and losses, highlighting the need for increased vigilance and cooperation among stakeholders.<\/p>\n
-BY Daniel Bampoe<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Ernest Addison \u00a0 The Bank of Ghana (BoG) has released its annual Fraud Report for 2023, revealing a 5% increase in fraud cases and a 7% rise in losses, totaling GH\u00a288 million. According to the report, the banking and Specialized Deposit-Taking Institutions (SDIs) sectors recorded 15,865 fraud cases in 2023, up from 15,164 in […]<\/p>\n","protected":false},"author":1,"featured_media":120889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-218701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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