Here are the top five types of fraud recorded in 2023

In 2023, fraud cases among employees of banks and financial institutions increased to 274 which represents a percentage increase of forty-six per cent (46%) from 188 recorded in 2022.

Out of the activities recorded, five types were commonly found in most of the cases.

The 2023 Banks, Specialized Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSP) Fraud Report’ released by the Bank of Ghana showed that these were:

1. Cash theft

2. Cyber/E-mail fraud

3. Fraudulent withdrawals

4. Forgery and manipulation of documents

5. Cheque fraud

Firstly, cash theft emerged as the topmost fraud recording a loss value of GH¢14.8 million as compared to GH¢1 million in 2022.

Cyber/email fraud recorded a loss of GH¢10.5 million followed by fraudulent withdrawals from accounts which recorded a loss of GH¢8.4 million.

Forgery and manipulation of documents stood at GH¢6.9 million and cheque fraud recorded GH¢6.1 million.

The report also revealed that the total loss value to banks concerning fraud cases, increased by 21% in 2023 compared to the previous year.

This translated to a monetary value of approximately GH¢63 million compared to GH¢52 million in 2022.

The yearly report provides a definitive overview of various attempted or successful fraudulent activities recorded by Ghana’s banking institutions, Specialized Deposit-Taking Institutions, and Payment Service Providers.



SSD/MA

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