"Bank Fraud: BoG urges strict compliance with monthly fraud reporting amidst sector concerns"

" Bank Fraud: BoG urges strict compliance with monthly fraud reporting amidst sector concerns \r\n\r\nThe Bank of Ghana (BoG) has issued a warning to banks, urging them to diligently comply with its monthly reporting requirements on fraud cases. This directive comes as the central bank intensifies its efforts to combat fraudulent activities permeating the financial sector.\r\n\r\nDr. Kwasi Osei Yeboah, Head of Financial Stability at the BoG, emphasized the regulator's unwavering commitment to partnering with all stakeholders in the financial industry to sanitize and maintain the sector's integrity.\r\n\r\nSpeaking at a workshop on collaborative efforts between law enforcement agencies and the banking community, Dr. Yeboah underscored the importance of collective action in addressing this growing menace.\r\n\r\n\"This could potentially undermine financial soundness and integrity. Without these foundations, consumers may hesitate to engage with financial products and services,\" Dr. Yeboah cautioned.\r\n\r\nHe further highlighted the mandatory nature of reporting fraud cases, stressing that banks are obligated to inform the BoG even in instances where no financial loss occurs.\r\n\r\n\"For us, the occurrence of any fraud, no matter how small, is significant. It resonates with the concerns and perceptions consumers hold about the financial sector,\" he added.\r\n\r\nEchoing these sentiments, John Awuah, Chief Executive Officer for the Ghana Association of Banks, called for a decisive and transparent approach to tackling fraud-related issues.\r\n\r\n\"With the increasing shift of our operations to digital platforms, maintaining customer confidence is paramount. As an industry, we must implement robust mechanisms to swiftly identify and apprehend fraudsters, as even a single incident poses significant risks to the sector,\" Mr Awuah emphasized.\r\n\r\nThe BoG's annual fraud report for 2023 disclosed that banks and Specialised Deposit-Taking Institutions (SDIs) incurred a total loss of approximately GH\u00a256 million in 2022.\r\n\r\nThis marked a 7.88% decrease from the GH\u00a261 million recorded in 2021. However, the report also revealed a concerning uptick in attempted fraud cases, with 2,998 incidents reported in 2022 compared to 2,347 cases in 2021, translating to a 27.74% surge.\r\n\r\n "

"Bank Fraud: BoG urges strict compliance with monthly fraud reporting amidst sector concerns"

Finance Minister hails Ghana’s economic resilience amidst global turbulenceAMP

Nigeria misses windfall despite highest global upstream investments in 5 yearsAMP

MLS: Lionel Messi wins maiden Player of the Month AwardAMP