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Fraud in banks increased by more than 50 percent – Bank of Ghana

Governor of the Bank of Ghana, Dr Ernest Addison

The number of fraud cases reported by commercial banks in the country in 2018 has increased by 50 percent from the figure recorded in 2017, according to a Bank of Ghana report cited by Citi Business News.

According to the report, the banking industry reported a total of 2,175 fraud cases as compared to 1,418 fraud cases reported in, 2017.

Read: Bank fraud up by 42% in just a year – BoG

The report which captures the prevalence of fraud in the banking sector said the ‘significant’ increase in the number of fraud cases reported may partly be attributed to the improved efforts by the Bank of Ghana to monitor fraud cases in the industry and also to ensure compliance with reporting.

The report further stated that, in recent times, the various forms of advanced technologies adopted by financial institutions have made the banking sector more susceptible to various risks such as phishing, identity theft, card skimming, vishing, email fraud and more sophisticated types of cyber-crime.