The Bank of Ghana is ramping up efforts to combat financial sector fraud, urging banks and financial institutions to reinforce internal controls, following alarming trends outlined in its 2024 Fraud Report.
Despite an 18% drop in attempted fraud incidents compared to 2023, the total value at risk surged by 11%, climbing to GH¢80 million, signaling more sophisticated and high-value attacks.
A sharp rise in forgery and document manipulation now poses the gravest threat, accounting for a staggering 67% of the total fraud value at risk within banks and Specialised Deposit-taking Institutions (SDIs). Losses from this category skyrocketed from GH¢7.47 million in 2023 to GH¢53.5 million in 2024, driven almost entirely by a single massive GH¢53 million incident.
Identity theft is also on the rise, with losses jumping nearly tenfold from GH¢0.6 million to GH¢5.7 million. The spike is attributed to lapses in due diligence when verifying transactions involving the Ghana Card, underscoring the need for stricter identity verification processes in digital and in-person banking operations.
Meanwhile, the Payment Service Providers (PSPs) sector is not immune. It saw an 18% increase in the value of fraud-related cases, totaling GH¢19 million across 15,673 incidents in 2024. The surge comes amid the rapid expansion of digital finance services, which, though transformative, have also created new entry points for cybercriminals.
In response, the Central Bank has mandated all banks and SDIs to adopt compulsory staff rotation policies for personnel in sensitive roles, a move aimed at disrupting potential collusion and long-term fraud schemes. Dual-control protocols are also to be reinforced to ensure no single employee can unilaterally execute critical financial transactions.
Furthermore, the Bank of Ghana is calling for a proactive, sector-wide culture of security awareness. Financial institutions are encouraged to organize regular forums, staff training, and fraud prevention drills to build internal resilience.
The report also highlights the challenges institutions face in recovering stolen funds. Protracted legal processes often result in limited restitution, reducing the incentive for aggressive pursuit of lost assets.
As Ghana’s banking landscape continues to digitize and grow in complexity, the need for adaptive and proactive security frameworks has never been more critical.
