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Cyber fraud cases on the rise in banking industry in Ghana – BoG

Fraud cases in the banking industry have increased by 41.66 per cent from 1002 cases in 2016 to 1418 cases in 2017, the Bank of Ghana {BoG} has disclosed.

According to the BoG, the total value reported for fraud or attempted fraud amounted to approximately Gh¢190.4 million.

Of the total value, 84 per cent, i.e Gh¢160.30 million was recovered while 16 per cent, Gh¢30.1 million were reported to have crystallized as loss.

This was contained in the BoG’s 2017 State of Banking Sector Fraud report and made known Thursday at a Financial Crime Sensitization Programme for stakeholders in the banking industry at Ada.

Report

Presenting the report, a representative of the BoG, Mrs Barbara Poku said the report was a collation of fraud reports made by the banks at the end of each month.

She said of the 235 registered financial institutions which are made up of non-bank financial institutions (NBFIS), rural and community banks and commercial banks, only 58 reported fraud cases.

She noted that the distribution of reported fraud for 2017 indicated that 51.13 per cent of fraud incidents were reported by the NBFIS, while 33.15 percent and 15.72 per cent were reported by the commercial banks and rural and community banks respectively.

 

Source: Graphic.com.gh

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