Dr. Johnson Asiama
The attempted fraud cases in banks and Specialised Deposit-Taking Institutions (SDIs) sectors decreased by 18% in 2024 as compared to 2023.
However, this resulted in an 11% increase in the total value at risk associated with these cases in 2024, relative to 2023.
According to the Banks, SDIs and Payment Service Providers (PSPs) 2024 Fraud Report by the Bank of Ghana, the total values at risk stood at approximately GH¢80 million and GH¢72 million in 2024 and 2023, respectively.
Notably, the total values at risk recorded across all fraud types declined in 2024, with the exception of forgery and document manipulation, which increased sevenfold compared to the 2023 figure of GH¢7.47 million. This fraud type also accounted for 67% of the total value at risk recorded for banks and SDIs in 2024.
The report stated that the rate of recovery of potential losses have become a challenge for banks and SDIs due to prolonged legal proceedings that eventually lead these institutions to stop pursuing the cases.
Similarly, the PSP sector also recorded a value at risk of GH¢19 million involving 15,673 cases in 2024. In percentage terms, the value at risk and number of cases increased by 18% and 7%, respectively from figures recorded in 2023.
The aggregate data collated from the 1three sub-sectors indicated that the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise. These cases correspond to total value at risk of approximately GH¢99 million in 2024 as compared to GH¢88 million in 2023, indicating an increase of 13%.
Value of Risks to Banks Stood at GH¢75m in 2024
The total value at risk to banks with respect to fraud cases recorded in 2024 was approximately GH¢75 million compared to Gh¢63 million in 2023, representing an increase of 19%.
Forgery and manipulation of documents recorded the highest fraud value at risk in 2024 totaling GH¢53.5 million, a rise of eight times over the GH¢6.9 million recorded in 2023. The significant jump in the value at risk for this fraud category was influenced by an outlier situation involving an amount of GH¢53 million.
Identity theft recorded a surge from GH¢ 0.6million to GH¢ 5.7 million due to inadequate due diligence and verification of identities of persons who performed financial transactions with their Ghana Cards.
The publication of the annual fraud report by the Bank of Ghana seeks to highlight trends and typologies of fraudulent activities identified within the banking industry for a reporting year. This is meant to also sensitize and promote the soundness and integrity of the financial sector.
The 2024 report therefore presents fraud typologies and values at risk observed in relation to services provided by Banks, SDIs and PSPs.
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