BoG reports concerning rise in fraudulent activities among banking staff

The Bank of Ghana's 2023 Fraud Report has revealed that there has been a significant increase in fraudulent activities involving bank staff and employees of Specialized Deposit-Taking Institutions (SDIs).

The number of reported cases rose from 188 in 2022 to 274 in 2023, marking a 46% increase.

In response, the central bank has urged financial institutions to bolster their internal controls, enhance due diligence during recruitment, and provide continuous in-house training on professional conduct.

The report also identified a 90% increase in the value of e-money transactions and a 36% rise in the volume of these transactions from 2022 to 2023.

According to the report, the number of electronic fraud rose from 12,166 in 2022 to 14, 655 in 2023 representing a twenty percent (20%) increase.

Despite the increase, the monetary loss surprisingly decreased from GH¢26 million in 2022 to GH¢16 million in 2023, representing a 38% decline in loss value.

This is according to the 2023 Banks, Specialized Deposit-Taking Institutions (SDIs) and Payment System Providers (PSPs) Fraud Report put together by the Financial Stability Department of the Bank of Ghana.

Meanwhile, the Bank of Ghana has directed Payment System Providers (PSPs) to implement robust anti-fraud measures and ensure that all points of sale are equipped with adequate fraud risk management information.

PSPs are also required to share fraud-related information promptly with the Bank of Ghana and other relevant institutions.

This comprehensive approach aims to curb the rising trend of fraudulent activities and safeguard the financial stability of Ghana's banking sector.

ID/MA

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