Attempted fraud cases in banks and Specialised Deposit-Taking Institutions (SDIs) dropped by 18% in 2024 compared to 2023, according to the Bank of Ghana’s 2024 Fraud Report.
However, despite the decline in case numbers, the total value at risk increased by 11%, rising from GH¢72 million in 2023 to GH¢80 million in 2024.
The report noted that although most fraud types saw a decline in value at risk, forgery and document manipulation bucked the trend, increasing sevenfold to GH¢53.5 million in 2024 from GH¢7.47 million in 2023.
This category alone accounted for 67% of the total value at risk in the banking and SDI sectors, with one major case involving GH¢53 million heavily influencing the figure.
The Bank also highlighted a growing challenge in recovering funds lost to fraud, as lengthy legal processes often lead financial institutions to abandon these cases.
In the Payment Service Provider (PSP) sector, value at risk rose to GH¢19 million in 2024 from the previous year, with 15,673 reported cases, an 18% increase in value and 7% increase in case count.
In total, 16,733 fraud cases were recorded across the banking, SDI, and PSP sectors in 2024, up 5% from 15,865 in 2023.
The cumulative value at risk reached approximately GH¢99 million, a 13% rise from GH¢88 million the previous year.
Identity theft also surged sharply, with losses rising from GH¢0.6 million to GH¢5.7 million. The spike is attributed to weak identity verification processes, especially involving Ghana Cards.
The annual fraud report aims to track emerging fraud patterns and raise awareness about vulnerabilities in the financial system, helping institutions and the public safeguard the integrity of the sector.
