The Lead of Financial Crimes and Anti Money Laundering at the e-Crime Bureau, Eric Kwaku Mensah, has mentioned that 5% of revenues generated by organizations are lost through fraud.

According to him, a report by the Association of Certified Fraud Examiners made this revelation.

"In the recent report, 5% of the revenue of organizations go to fraud, that is very worrying," he said.

In an interview with GhanaWeb's Mawuli Ahorlumegah, he noted that institutions would have to look for comprehensive risk management strategies to bring the percentage down.

"We have seen a concerted effort to mitigating the fraud, regulatory institutions like Bank of Ghana, Securities and Exchange Commission and the rest have come out with policies and measures to help, it is left with us as institutions and individuals to also protect our assets so institutionally, you would have to do a risk assessment and find out where the loopholes and vulnerabilities are," he added.

He also urged institutions to implement recommendations that emerge from conducting risk assessments to help reduce fraud activities.

Meanwhile, a report by the Bank of Ghana revealed that the involvement of staff of banks and other specialized deposit-taking institutions in fraud constituted 53.46% of total fraud cases in 2021.

Source:ghanaweb.com