Fraud cases in Ghana’s banking sector fell significantly in 2024, marking a 26% decrease compared to the previous year, according to the latest report from the Bank of Ghana.
The report shows a drop in reported fraud incidents from 969 cases in 2023 to 716 in 2024. This decline has been largely credited to stronger internal control systems implemented by banks, which have helped curb various fraudulent activities.
Despite the overall improvement, the report noted a sharp rise in specific fraud types. ATM, Point of Sale (POS), and card-related fraud surged by 80%, jumping from 218 cases in 2023 to 415 in 2024. Remittance fraud also saw a 100% increase, doubling from five cases to ten over the same period.
The Bank of Ghana linked the rise in these digital fraud cases to the increased use of digital financial services, which aim to promote financial inclusion. However, it warned that limited public awareness and understanding of digital platforms leave some customers exposed to fraud.
To tackle these challenges, the central bank recommended that financial institutions upgrade security on electronic payment systems and ramp up public education campaigns to help users navigate the digital financial space more safely.
On a positive note, the report also highlighted a significant drop in other fraud categories. Cash suppression, for example, recorded a 77% decrease—from 87 cases in 2023 to just 20 in 2024—further underscoring the success of strengthened internal controls.
The Bank of Ghana urged banks to remain vigilant and continuously refine their anti-fraud strategies to build on these gains and further safeguard the sector.
