The total loss value recorded by Banks and Specialised Deposit-Taking Institutions (SDIs) due to fraud in 2022 was approximately GH56 million, compared to GH61 million in 2021, according to the Bank of Ghana’s fraud report.
This indicates a 7.88% drop from 2021.
It also stated that there were 2998 attempted fraud cases in the banking and SDI sectors in 2022, compared to 2347 in 2021, a 27.74 percent increase.
Forgery and document manipulation, fraudulent withdrawals, cheque fraud, cyber/email fraud, and cash theft (cash suppression) were the top five types of fraud that impacted the majority of the sector’s institutions.
Document tampering and forgery emerged as the most common types of fraud. The most money was lost through this kind of fraud, with GH33 million.
Fraudulent withdrawal is yet another type of fraud that was also growing. This typology included cash falsely withdrawn from customers’ accounts bringing about losses totalling GH¢7million.
The staff of banks and SDIs were involved in the majority of these fraud cases. Additionally, cheque fraud was the cause of a GH5 million loss. Cloned checks were the most common tool used in cheque fraud.
Despite the fact that staff members continue to engage in fraud, the numbers have begun to decrease as a result of the Bank of Ghana’s severe sanctions and the sector institutions’ strong advocacy for improved controls.
In 2022, there was 188 staff-related fraud cases, down from 278 in 2021. The majority of the staff-related incidents involved cash theft (also known as cash suppression) from customers’ accounts, which is a common type of fraud in the rural and community banking industry.
The Bank of Ghana is taking steps to address these trends and preserve the integrity of the banking system, and the report details the trends in fraud typologies that have been observed in relation to services provided by banks, SDIs, and PSPs.