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In spite of a 59 per cent decline in attempted fraud cases within the banks and Specialised Deposit-Taking Institutions (SDI) sector in 2023, the total loss value surged to approximately GH\u00a272 million \u2013 indicating a 29 per cent increase over the GH\u00a256million recorded in 2022.<\/p>\n
Across the two sectors, the total value of fraud cases reported in 2023 amounted to GH\u00a2167million; however, GH\u00a295million was recovered \u2013 resulting in a GH\u00a272million loss value for 2023.<\/p>\n
The 2023 Fraud Report released by BoG offers a comprehensive analysis of fraud trends across Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs).<\/p>\n
It asserts that incidents responsible for the rise in fraud losses were largely due to outlier fraud cases involving foreign currencies, which when converted to cedis significantly inflated the 2023 loss figures.<\/p>\n
Meanwhile, the total fraud-related loss for banks only in 2023, as indicated in the fraud report, amounted to approximately GH\u00a263million \u2013 a 21 percent increase from the GH\u00a252million reported in 2022.<\/p>\n
This represents a 17 per cent decrease from the 1,163 cases recorded in 2022.<\/p>\n
Analysing the rise in total loss value amid fewer attempted fraud cases, the Ghana Association of Banks said the issue \u201cpoints to the increasing sophistication of fraud types, particularly foreign currency fraud\u201d \u2013 adding that the decrease in reported cases also \u201cunderscores a shifting risk dynamic in the country\u2019s financial ecosystem\u201d.<\/p>\n
Given these statistics, GAB says they highlight an urgent need for enhanced security measures and vigilance across the sector.<\/p>\n
According to the association, fraudulent activities in the banking sector show the evolving nature of fraud and its financial impact. Also, it suggests a potential erosion of public trust in the banking sector.<\/p>\n
Consequently, GAB in its data highlighted BoG\u2019s directives to the sectors as a response to findings and trends in the fraud report \u2013 banks and SDIs should update their technologies and tools with enhanced built-in security features to curb fraud; intensify fraud sensitisation to their customers; and strengthen the security protocols for account access and transactions among others.<\/p>\n
Meanwhile, CEO-Ghana Association of Bankers, John Awuah called for monitoring staff\u2019s lifestyle changes to detect any signs of fraud or illicit income sources.<\/p>\n
Watch the latest episode of Health Focus below:<\/b><\/p>\n