Bank of Ghana reports 46% hike in staff-Involved fraud cases

Accra, Ghana - The Bank of Ghana's (BoG) 2023 annual Fraud Report has uncovered a disturbing surge in fraudulent activities involving bank staff, with a 46% increase from 188 cases in 2022 to 274 cases in 2023.

According to the report, cash theft (cash suppression) accounted for 77% of staff-related fraud cases, involving 211 individuals.

The BoG expressed concern over these statistics, urging banks and Specialized Deposit-Taking Institutions (SDIs) to strengthen internal controls, enhance staff due diligence, and provide continuous training on professional conduct.

Key findings from the report include:

- 15,865 fraud cases recorded in 2023, up 5% from 2022
- Total loss value of approximately GH¢88 million in 2023, a 7% increase
- Fraudulent withdrawals, cyber/email fraud, and cash theft on the rise
- SIM swap-related fraud emerges as a significant concern

The report highlights measures being taken by the BoG to mitigate these trends.

Breakdown of fraud cases:

- Banking and SDI sectors: attempted fraud cases down 59%, but total loss value up 29% to GH¢72 million
- Payment Service Providers (PSPs): loss value down 38% to GH¢16 million, incidents up 20% to 14,655 cases

The BoG's annual Fraud Report aims to promote awareness and integrity in the banking system.

Source: Lead News Online