Fraud cases in Banking Sector increase by 5.5% in 2019 – BoG Report

Must Read

GES releases timetable for KG, Primary and JHS pupils on Ghana Learning TV as lessons start today

The Ghana Education Service (GES) in collaboration with the Ghana Broadcasting Corporation (GBC), has released the virtual learning timetable...

750 mothers honored for fighting malnutrition in children

Some 750 mothers in the Sagnarigu Municipality have been honored with awards for strictly applying nutritional programs to prevent...

Alan woos American investors, as US EXIM Bank seeks to assist 1D1F with $300 million

Ghana’s Trade and Industry Minister, Alan Kyerematen, made a strong case for Ghana during the US President’s Advisory Council...
ABC News Ghana is an investigative media house that focuses on politics, sports and the economy. Our work is thoroughly researched, balanced and fair. Our vision is to become the most preferred indigenous news brand for men in West Africa.

The 2019 Banking Industry Fraud Report indicates that the sector recorded a total of 2,295 fraud cases in 2019. This represents a 5.4% marginal increase compared to 2,175 fraud cases in 2018. A total of 83 financial institutions reported fraud cases in 2019 as compared to 72 in 2018. Rural and Community banks reported 55% of total fraud cases- the highest among banking institutions.

Over GHC2 billion in loans approved by banks despite COVID-19 – Ghana Association of Bankers

The BoG noted with worry, the alarming rate of involvement of bank staff in the perpetration of fraud in the sector. It was revealed that loss incurred from cybercrime in 2019 increased by 193% compared to 2018. Whiles loss incurred from cheque fraud mainly arising from cheque cloning increased by 219% in 2019.

Suppression of cash and deposits accounted for 77% of the total number of fraud cases. The BoG identified cyber fraud, cheque fraud, suppression of cash/deposits, manipulation and forgery of documents as High-Risk Fraud.

According to the report, the marginal increase in the number of fraud cases can be attributed to the improved efforts by the Financial Stability Department to identify, monitor and ensure compliance with reporting fraud cases in the industry. The report further linked the increment in fraud cases to the emergence of advanced technology adopted by financial institutions. This according to the BoG has made the sector more vulnerable to risks such as phishing, identity theft, card skimming, vishing and email fraud.

Partnership between Banks and FinTechs will boost digitization, financial inclusion


In 2019, the banking industry reported a total fraud value of approximately GHC 115.52 million to the BoG. Out of the total value, approximately GHC 33.44 million representing 28.96% was reported as losses incurred. Whiles approximately GHC 82.06 million (71.04%) was recovered.

The Banking Industry Fraud Report encouraged banks to vet contract and temporary staff in order to curtail the employment of fraudsters. The report also advocated for better remuneration for permanent and contract employees of the various banks.
The BoG also advised Telecommunication companies to enhance their cybersecurity infrastructures to prevent unauthorised access in line with the regulator’s requirement.

Excerpts of report here.

Submit your stories or articles to or Whatsapp them to +233 553620623

- Advertisement -


Latest News

Euro 2020: Christian Eriksen remains stable in hospital and has spoken to team-mates

Christian Eriksen remains stable in hospital and has sent his greetings to his national team-mates, Danish football officials have...

More Articles Like This

%d bloggers like this: