Use of advanced tech by banks exposes them to fraudsters – BoG

The Bank of Ghana has said that in recent times, the various forms of advanced technologies adopted by financial institutions have made the banking sector more susceptible to various risks such as phishing, identity theft, card skimming, phishing, email fraud and more sophisticated types of cyber-crime.

The central bank announced that the banking industry reported approximately GHC115.52 million as fraud to the Bank of Ghana, the central bank has announced.

Of the total values reported, the BiG said, approximately GHC 33.44 million

Representing 28.96% was reported as losses incurred, whiles approximately GHC 82.06million, representing 71.04% was recovered.

The Bank of Ghana recorded a total of 2,295 cases of fraud representing a 5.4 per cent increase in cases reported in 2018.

Rural and Community Banks reported 55 per cent of the total cases, and commercial banks and savings and loans institutions reported 23 per cent and 22 per cent of the cases respectively.

In total, eighty-three (83) institutions reported cases in 2019, as compared to seventy-two institutions (72) in 2018.