A report by the Bank of Ghana (BoG) has revealed that in 2024, banks reported a total count of 716 fraud cases.
This indicates a 26% drop from the count of 969 cases in 2023.
According to the report, this downward trend in fraud cases can be attributed to the improvement of internal controls within the banking sector.
The report stated that fraud prevention and detection remain a key element of BoG’s effort in maintaining financial integrity. It is therefore mandatory for all banks to report fraud cases to the BoG as and when they occur.
The data obtained from the industry showed improvement within the bank and SDI sectors.
The report said although banks and SDIs showed a decline in the number of cases reported in 2024 as compared to 2023, the count of fraud in the Payment Service Providers (PSP) sector increased in 2024.
The data also shows a decline in the value at risk of the Specialised Deposit-Taking Institutions (SDI) sector in 2024 as compared to 2023.
Overall, the aggregate data collated from the 1three sub-sectors indicate that, the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise. These cases correspond to total value at risk of approximately Gh¢99 million in 2024 as compared to Gh¢88 million in 2023, indicating an increase of 13%.
Analysis of the 2024 data showed notable increases in forgery and manipulation of documents, and impersonation/identity theft. The data however suggested significant decreases in cyber/e-mail fraud, fraudulent withdrawals and cash theft/suppression.
The attempted fraud cases in banks and SDI sectors decreased by 18% in 2024 as compared to 2023. However, this resulted in an 11% increase in the total value at risk associated with these cases in 2024, relative to 2023. The total values at risk stood at approximately GH¢80 million and GH¢72 million in 2024 and 2023 respectively. Notably, the total values at risk recorded across all fraud types declined in 2024, with the exception of forgery and manipulation of documents, which increased 7-fold compared to the 2023 figure of GH¢7.47 million. This fraud type also accounted for 67% of the total value at risk recorded for banks and SDIs in 2024.
The rate of recovery of potential losses has become a challenge for banks and SDIs due to prolonged legal proceedings that eventually lead these institutions to stop pursuing the cases.
The PSP sector also recorded a value at risk of GH¢19 million involving 15,673 cases in 2024. In percentage terms, the value at risk and number of cases increased by 18% and 7% respectively from figures recorded in 2023.
