Bank Fraud Drops By 26% But Losses Hit ¢75m- 2024 BoG Report
A report by the Bank of Ghana says the number of bank frauds dropped by 26% in 2024, however, amid a 19% surge in value.
Data from the Bank said banks reported a total count of 716 fraud cases which indicates a 26% reduction compared to the previous year.
In the previous year, the Central Bank reported 969 cases.
It reflected on all other fraud topologies except ATM/POS/Card.
“The number of cases recorded for cash suppression significantly reduced by 77%, from 87 to 20 cases, in 2023 and 2024 respectfully.”
The Bank attributed the downward trend in fraud cases to the improvement of internal controls within the banking sector.
“Banks are required to bolster their internal control mechanisms to reduce this figure even further.”
That notwithstanding, fraud relating to ATM/POS/Card was found to have recorded a significant jump.
“ATM/POS/Card fraud, recorded 413 cases in 2024 as compared to 218 cases recorded in 2023, indicating an 89% increase, while remittance fraud doubled from 5 to 10 cases.”
It cited the increasing reliance on digital products to promote financial inclusion coupled with the poor understanding of the digital financial landscape by customers as a possible cause of the rise in fraud in that sector.
The Central Bank therefore directed financial institutions to enhance security features on electronic payment channels and ensure customers are sensitized on the use of payment cards to help curb these types of fraud.
Value
In the face of the general reduction of fraud, the Bank reported that there was a 19% rise in the total value.
Approximately Gh¢75 million compared to Gh¢63 million in 2023.
Forgery and manipulation of documents recorded the highest fraud value at risk in 2024 totalling GH¢53.5 million followed by Identity theft recorded which saw a surge from GH¢ 0.6million to GH¢ 5.7 million.
Top Fraud
Among the top bank frauds in 2024 were forgery and manipulation of documents, identity theft/impersonation, ATM/POS/Card, e-money and remittance fraud
Forgery and manipulation of documents recorded a value at risk of GH¢53.54 million; theft/Impersonation at risk of GH¢5.77 million; ATM/POS/Card fraud at GH¢4.14million; E-money fraud at GH¢3.52 million; and remittance fraud at GH¢2.80 million.
The BoG defined fraud as an act of deceit aimed at exploiting a victim.
Source: opemsuo.com/Hajara Fuseini
