The Bank of Ghana’s 2023 Fraud Report has revealed a 5% increase in fraud cases across the banking sector, with incidents rising from 15,164 in 2022 to 15,865 in 2023.
The financial impact of these cases also escalated, with total losses surging 7% year-on-year to approximately Gh¢88 million. The report highlights significant upticks in fraudulent account withdrawals, cyber and email fraud, and cash suppression.
Additionally, SIM swap fraud—where criminals take control of SIM cards linked to banking apps and mobile wallets—has become a growing threat.
According to the BoG, while the number of attempted fraud cases in the banking and Specialized Deposit-Taking Institution (SDI) sectors declined by 59%, the associated loss value soared by 29% to Gh¢72 million.
This sharp increase is attributed to high-value foreign currency fraud cases, which, when converted to Ghanaian cedi, inflated the 2023 figures.
The Payment Service Providers (PSP) sector, however, saw contrasting trends. Despite a 20% rise in fraud incidents, the sector recorded a 38% drop in losses, falling from Gh¢26 million in 2022 to Gh¢16 million in 2023.
Meanwhile, the Bank of Ghana has intensified its engagement with institutions experiencing high levels of fraud, focusing on developing action plans to curb rising incidents.
Furthermore, it has bolstered its collaboration with stakeholders to combat the increasing prevalence of cyber-related fraud.
The 2023 Fraud Report underscores the central bank’s commitment to safeguarding the integrity of the financial system amidst growing threats.
