Data from banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) shows a 5% rise in fraud cases, with incidents increasing to 15,865 in 2023 from 15,164 in 2022, according to the Bank of Ghana’s annual Fraud Report.
The report, aimed at raising awareness of fraud and its trends within the year to uphold the banking system’s integrity, revealed a total loss of approximately GH¢88 million in 2023, up from GH¢82 million in 2022, marking a 7% increase.
A closer look at the 2023 figures showed that fraudulent withdrawals, cyber/email fraud, and cash suppression were areas with significant growth. The report also flagged SIM swap fraud, where fraudsters take over SIM cards linked to bank accounts and steal funds, especially from those using mobile banking apps tied to mobile money wallets.
While attempted fraud in the banking and SDI sectors fell by 59% in 2023 compared to 2022, the loss value associated with these cases jumped by 29%, from GH¢56 million to GH¢72 million. The report attributed the surge in loss value to major fraud cases involving foreign currencies, which, when converted to cedi, inflated the overall figure.
In the PSP sector, fraud cases rose by 20%, from 12,166 incidents in 2022 to 14,655 in 2023. However, the sector saw a 38% drop in losses, with the total value falling to GH¢16 million in 2023, down from GH¢26 million the previous year.
While banks and SDIs recorded higher losses, the PSP sector saw a decline in its loss value for the year. The BoG stated that it continues to work with institutions facing high levels of fraud to create action plans to address the issue.
The central bank has also strengthened its engagement with stakeholders to boost efforts in combating cyber-related fraud. Additionally, the report outlined new directives for banks, SDIs, and PSPs, which are expected to help reduce fraud incidents if implemented effectively.