The Bank of Ghana (BoG) has encouraged commercial banks in the country to fortify their interior controls and upgrade staff due diligence help stop fraudulent activities.
According to the Bank of Ghana (BoG) annual Fraud Report, the number of staff members involved in these activities in banks and Specialized Deposit-Taking Institutions (SDIs) increased by 46% from 188 in 2022 to 274 in 2023.
As per the report, out of the 274 instances of fraud recorded including staff in 2023, 211 (77%) were engaged with cash theft, when cmpared with 140 (66%) staff associated with 2022.
During the Ghana Association of Banks annual general meeting on Thursday (19 September), the governor of BoG, Ernest Addison said banks must embark on continuous in-house staff training on professional conduct.
According to Mr Addison, fraud prevention and detection remain at the heart of BOG’s efforts at maintaining financial integrity and stability of the banking system.
He proceeded with that, the most recent 2023 Fraud Report published by the Bank of Ghana this week, shows a complete count of 969 extortion cases which shows a 17% drop from count including of 1,163 cases in 2022. This indicates that the amount of money lost as a result of fraud has increased.
”The total loss value to banks with respect to fraud cases recorded an increase of 21% in 2023 to Gh¢63 million compared to Gh¢52 million in 2022. 12. More worrying is the increase in the number of staff involved in fraud. The number of staff involved in fraudulent activities in Banks and SDIs rose from 188 in 2022 to 274 in 2023, representing an increase of 46%.” Ernest Addison said.
”It further emerged that out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022. This means that while banks and SDIs are putting in place measures to detect and prevent fraud from outsiders, their own staff are increasingly perpetuating fraud,” he ended.
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