According to a 2023 report from the Bank of Ghana, the number of fraud cases in the financial sector increased to 15,865 from 15,164 in 2022, a 5% rise.
This data was found after collation from the three sub-sectors in Ghana including Banks, Specialized Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs).
Digging Deeper
According to the report, the top five fraud types at banks recorded in 2023 in terms of loss value were:
- Cash theft (cash suppression)
- Cyber/email fraud
- Fraudulent withdrawals from accounts,
- Forgery and manipulation of documents
- Cheque fraud
In 2023, Cash Theft had the highest number of cases recording a loss value of GHC 14.8 million in 2023 as compared to GHC 1 million in 2022.
For PSPs, the number of electronic fraud incidents recorded was 14,655, representing a 20% rise as compared to 12,166 cases recorded in 2022. But the value loss was less with a total value loss of GHC 16 million in 2023 as compared to GHC 26 million in 2022.
For SDIs, the number of reported fraud cases dropped to 241 in 2023 as compared to 1,835 cases reported in 2022, indicating a decrease of 87%.
However, the loss of value in these cases was GHC 8.7 million in 2023 as compared to a loss of approximately GhC 4.4 million in 2022.
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