Fraudsters managed to steal GH¢82 million from various financial institutions in Ghana in 2022, according to a report by the Bank of Ghana (BoG).
The report covers the fraud incidents and losses recorded by banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs), which include mobile money operators.
Out of the total amount stolen, GH¢56 million came from banks and SDIs, while GH¢26 million came from mobile money accounts.
The report reveals that the number of fraud incidents decreased slightly from 15,350 in 2021 to 15,164 in 2022, but the value of losses increased by 7.88% from GH¢61 million in 2021 to GH¢82 million in 2022.
The report also identifies the top five fraud methods that caused the most losses in 2022. They are:
- Forgery and manipulation of documents: Fraudsters created or altered documents to deceive financial institutions and customers. This method accounted for GH¢33 million of the losses, a 334.99% increase from GH¢7 million in 2021. Most of the cases involved universal banks (commercial banks).
- Fraudulent withdrawals: Fraudsters accessed customers’ accounts and wallets without their consent and withdrew money. This method accounted for GH¢7 million of the losses, a 1039.09% increase from GH¢620,000 in 2021. Most of the cases involved the banking sector.
- Cheque fraud: Fraudsters used fake or altered cheques to withdraw money from accounts. This method accounted for GH¢5.1 million of the losses, a 1254.46% increase from GH¢370,000 in 2021. Most of the cases involved universal banks and rural and community banks.
- Cyber/email fraud: Fraudsters sent malicious emails to trick recipients into giving up sensitive information or transferring money to them. This method accounted for GH¢4.3 million of the losses, a 65.55% increase from GH¢2.6 million in 2021. Most of the cases targeted universal banks.
- Cash theft/cash suppression: Fraudsters stole cash from customers’ accounts or suppressed cash deposits by staff. This method accounted for GH¢3.9 million of the losses, a 7.12% decrease from GH¢4.2 million in 2021. Most of the cases occurred in the SDI sector, especially rural and community banks.
Other fraud methods that caused smaller losses included impersonation, ATM/card fraud, lending/credit fraud, burglary and remittances.
The report also shows that 188 bank staff were involved in fraud cases in 2022, a decrease from 278 in 2021. Most of them were involved in cash theft or suppression.
The BoG said that the report aims to provide an overview of the fraud situation in Ghana’s financial sector and to inform stakeholders on how to prevent and combat fraud.
NOTICE NO. BOG GOV SEC 2023 08 Banks SDIs and PSPs Fraud Report 2022 Trends and Statistics FSD by The Independent Ghana on Scribd
Source: The Independent Ghana