The year 2022 recorded 2,998 cases of attempted fraud cases for the banking and specialised deposit-taking institutions sectors, as compared to 2,347 cases in 2021, representing a 27.74% increase, the Fraud Report published by the Bank of Ghana, has revealed.
Total loss value recorded in 2022 stood at approximately GH¢56 million as compared to approximately GH¢61million in 2021, the report said.
This shows a 7.88% decrease from 2021.
The major drivers (top five) fraud typologies that impacted most of the institutions in the sector included forgery and manipulation of documents, fraudulent withdrawals, cheque fraud, cyber/email and cash theft (cash suppression), the report noted.
It said forgery and manipulation of documents emerged as the prominent fraud typology.
This type of fraud recorded the highest loss of GH¢33 million.
Another fraud typology which was also on the increase is fraudulent withdrawal.
This typology involved money fraudulently withdrawn from customers’ account resulting in losses totalling GH¢7 million, the central bank added.
It said “most” of the cases recorded in this fraud type had the involvement of staff of banks and SDIs.
Cheque fraud also accounted for a loss value of GH¢5 million.
The “most common” modus operandi in cheque fraud was cloned cheques, the report noted.
It said while staff involvement in fraud persists, “the numbers have started trending downwards as a result of strict sanctions imposed by Bank of Ghana and strong advocacy for improved controls by the sector institutions”.
“The fraud cases involving staff decreased to 188 in 2022, as compared to 278 in 2021”, the report said.
“Most of the incidents recorded involving staff had to do with cash theft (cash suppression) from customers’ accounts and happened to be a very common fraud typology in the Rural and Community banking sector”, it explained.
It said the PSP sector also experienced some attempted fraud and associated losses due to the increasing usage by consumers of electronic channels for transactions.
The PSP sector reported “a significant” number of mobile money fraud incidents and loss values in 2022.
“Although fraud incidents reduced marginally in 2022 comparatively, the loss values reported were higher than that of 2021”, the report explained.
It said PSPs recorded 12,166 mobile money-related fraud incidents in 2022 compared to 12,350 incidents in 2021, indicating a 1% decrease.
The total value of fraud reported by Payment Service Providers (PSPs) for 2022 amounted to GH¢ 27 million, which is significantly higher than the value of GH¢ 14.2 million recorded in 2021.
The total loss value showed a percentage increase of 47%.
The total E-Money related loss recorded by PSPs in 2022 amounted to approximately GH¢26 million, a huge jump of 103% from
GH¢12.8million in the previous year.
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