Bank of Ghana Report reveals rise in Bank staff fraud activities

There was a rise in the number of bank workers involved in fraudulent activities last year.

Contrary to the 2022 figure of 188, 2023 recorded an increased number of 274 which shows a percentage rise of 46% in those activities.

According to the 2023 Banks, SDIs, and PSPs Fraud Report, this is a worrying trend thus warranting a call by the Bank of Ghana for banks to strengthen their internal control mechanisms.

Additionally, the Report outlines the top five types of fraud identified in the sector in the year under review. They were; cash theft, cyber/email fraud, fraudulent withdrawals from accounts, forgery and manipulation of documents, and cheque fraud.

Cash theft, which came atop recorded a loss value of GHC 14.8 million to the sector followed by Cyber/email fraud, which recorded a loss of GHC10.5 million, and Fraudulent withdrawals from accounts which recorded a loss of GHC 8.4 million.

Also, Forgery and manipulation of documents contributed to GHC's 6.9 million loss while Cheque fraud stood at GHC 6.1 million.

Directive by the Bank of Ghana

The Bank of Ghana has thus directed all banks and Payment System Providers to enhance the security features of their electronic banking systems to make them difficult to access by fraudsters and continue to share fraud-related information with its outfit.