The latest annual Fraud Report issued by the Bank of Ghana has shown a rise in the number of fraud-related incidents taking place within the country's banking sector.

According to data collected from three sub-sectors of the banking sector, namely Special Deposit-Taking Institutions (SDIs) and Payment System Platforms (PSPs), the overall count of fraud cases increased to 15,865 in 2023 from 15,164 in 2022, representing a 5 percent rise.

In terms of the value of these fraud cases, the banking sector lost GH¢88 million in 2023, compared to GH¢82 million in 2022, representing an increase of about 7 percent.

Additionally, the 2023 report showed that fraud incidents had surged among withdrawals from victims' accounts, cyber/email fraud, and cash theft (cash suppression).

Also, SIM swap-related fraud, which involves SIM numbers linked to banking accounts being fraudulently taken over by criminals who withdraw money from the accounts, witnessed a rise.

"While attempted fraud cases in the banking and SDI sectors declined sharply by 59% in 2023 compared to 2022, the total loss value associated with these cases stood at approximately GH¢72 million, a 29% increase over the 2022 figure of GH¢56 million recorded," the report noted.

It further indicated that the sharp rise in the loss value was attributed to outlier fraud cases involving foreign currencies, which, when converted into Cedi terms, will see a significant surge in the value of attempted fraud cases in 2023.

Meanwhile, the Bank of Ghana said it will continue to engage institutions with high incidences of fraud to develop action plans to address such incidences in the industry.

The Central Bank said it has also strengthened its engagement with relevant stakeholders to enhance collaboration in the fight against cyber-related fraud.

The 2023 Banks, SDIs, and PSPs Fraud report aims to raise awareness of fraud occurrences and trends identified within the reporting year with the view to promote the soundness and integrity of the banking system.

The report presents fraud typologies observed in relation to services provided by Banks, Specialized Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs).

It also highlighted some directives by the Bank of Ghana to banks, SDIs and PSPs which, if implemented, will help reduce the incidence of fraud in the sector.



See the full report below:



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