BoG report: Fraud cases in backing sector hit GHC63 million in 2023

Banks reported GHC63 million in fraud cases in 2023, up from GHC52 million in 2022, a 21% increase, a latest report from the Bank of Ghana (BoG) has stated.

In its latest 2023 Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) Fraud Report, the top five fraud categories by loss value in 2023 were cash theft (cash suppression), cyber/email fraud, fraudulent account withdrawals, document forgery and manipulation, and cheque fraud.

The report indicated a significant rise in ATM, POS, and card-related fraud, with cases soaring between 2022 and 2023. 

According to the report, the number of such fraud incidents jumped from just nine cases in 2022 to 218 cases in 2023, marking the steepest increase for any fraud category in the country.

The surge in card fraud cases accounted for roughly 4.76% of the total financial losses attributed to fraudulent activities in 2023, amounting to GHC3 million out of a total GHC63 million. 

This represents a notable rise in overall fraud-related losses compared to GHC52 million recorded the previous year.

The report pointed to the growing adoption of digital banking channels as a contributing factor to the increase in ATM and card fraud. 

“Banks are therefore required to enhance the security features of their electronic banking systems to make the systems difficult to be accessed by these fraudsters,” the BoG report stated.

In addition to card fraud, SIM swap fraud has emerged as a concerning trend, with 15 cases recorded in 2023. 

Other fraud types on the rise include cheque fraud, fraudulent withdrawals, and cash theft, among others, signalling an increasingly complex fraud landscape for banks to navigate.

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