The Bank of Ghana has instructed all banking institutions to reduce fraud by enhancing dual-control systems and enforcing mandatory staff rotations for employees in critical positions.
The Bank of Ghana’s 2024 Fraud Report indicates that although fraud incidents decreased by 18% from the previous year, the overall value at risk rose by 11%, increasing from GH¢72 million in 2023 to GH¢80 million in 2024.
The report, which incorporates data from Payment Service Providers (PSPs), highlights a notable rise in forgery and document manipulation, which has become the most critical type of fraud.
This category represented 67% of the total value at risk for banks and specialized Deposit-taking institutions (SDIs) in 2024, with losses soaring from GH¢7.47 million in 2023 to GH¢53.5 million—a nearly sevenfold increase, primarily attributed to a single significant incident involving GH¢53 million.
The financial losses resulting from identity theft experienced a significant increase, rising from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. This surge was linked to insufficient due diligence during financial transactions involving the Ghana Card.
Furthermore, the report highlighted that recovering losses associated with fraud poses a considerable challenge for financial institutions, as protracted legal processes often discourage banks from seeking restitution.
In the PSP sector, the total value at risk escalated to GH¢19 million in 2024, with 15,673 cases reported. This indicates an 18% increase in the value of cases and a 7% rise in the number of incidents compared to 2023.
In accordance with its recommendations, the Bank of Ghana has mandated that all banks and specialized deposit-taking institutions implement mandatory staff rotations for personnel in essential positions.
Additionally, the Central Bank emphasized the importance of cultivating a culture of security awareness through regular events, forums, and discussions.
