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Attempted fraud in banking sector declined by 12.09% in 2021 – BoG report

Bank Of Ghana HQ The Bank of Ghana Headquarters

Thu, 30 Jun 2022 Source: www.ghanaweb.com

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The Bank of Ghana (BoG) has said the number of attempted fraud cases recorded in the banking sector reduced by 12.09 percent in 2021 to 2,347.

According to the central bank, the loss in value recorded GH¢61 million as compared to a loss of GH¢25 million recorded in 2020. This represented a 144 percent increase year-on-year in the banking sector.

This was contained in the Bank of Ghana’s fraud report on Banking, Specialised Deposit-Taking Institutions and Electronic Money Issuers (EMI).

The report outlined that the significant types of fraud which accounted the figure included Automated Teller Machine (ATM) card and Point of Sale (POS) fraud, impersonation, lending and credit fraud, forgery and manipulation of documents, cash suppression and Electronic Money Issuer fraud.

In terms of the categories which recorded high amounts of fraud for the period, impersonation, lending and credit fraud, suppression of cash, E-money, forgery and manipulation of documents were the most notable.

The BoG report for 2021 however revealed a surge in the use of electronic and digital platforms in the financial sector which resulted in a surge in ATM card and POS-related fraud.

It said ATM card and POS-related fraud accounted for the highest loss amounting to GH¢22 million which was attributed to negligence on the part of some customers as well as weak systems in certain financial institutions.

See the full report below:



MA/FNOQ

Source: www.ghanaweb.com
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