Ghanaian bank fraud cases increase by over 50% according to BoG

September 2, 2019 1:16 PM

A report by the Bank of Ghana has revealed that fraud cases reported by commercial banks in the country in 2018 increased by 50%.

Governor of the Bank of Ghana, Dr Ernest Addison

This is as compared to the figures recorded in 2017.

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Number of fraud cases recorded

In 2018, commercial banks in the country reported a total of 2,175 fraud cases as compared to 1,418 fraud cases reported in, 2017.

Reason for the increase in fraud cases

The BoG report indicated that the significant increase in fraud in the banking sector may partly be due to the improved efforts by the Bank of Ghana to monitor fraud cases in the industry and also to ensure compliance with reporting.

The report added that some of the 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, vishing, email fraud and more sophisticated types of cyber-crime.