Staff fraud cases in banks hit 365 in 2024 – BoG

Staff involvement in fraudulent activities soared by 33% in 2024, according to the latest annual fraud report released by the Bank of Ghana (BoG).

The report, which covers banks and specialized Deposit-Taking institutions (SDIs), reveals that 365 employees were implicated in fraud cases last year, up from 274 in 2023.

Cash theft or suppression remains the dominant form of internal fraud, accounting for three-quarters of these cases. Of the total implicated staff, 274 were directly involved in this type of financial misconduct.

Despite the gravity of these offences, only 43% of the staff involved were dismissed — a figure the BoG attributes to protracted legal processes that discourage full legal pursuit.

“The Bank of Ghana expressed concern about the consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities, urging banks and specialised deposit-taking institutions to tighten recruitment screening, and ensure diligent prosecution of offenders.

The BoG’s findings also show a broader increase in fraudulent activities across the financial sector, with a total of 16,733 fraud cases reported in 2024 — a 5% rise from the previous year. While the number of fraud cases within banks declined, fraud in the SDI and Payment Service Provider (PSP) sectors increased.

Most striking was the jump in the value at risk from forgery and document manipulation, which ballooned to GH¢53.5 million in 2024 — nearly eight times the GH¢6.9 million recorded in 2023. Identity theft also surged, with losses increasing nearly ninefold.

Despite these alarming trends, the BoG recovered only GH¢3 million of the GH¢83 million at risk, underscoring challenges in enforcement and recovery. The report calls for a “zero tolerance” culture toward internal fraud and continued stakeholder collaboration to stem the tide of financial crime.