Banks lost GH¢33.44m to fraudsters in 2019 – BoG

The banking industry reported approximately GH¢115.52 million as fraud to the Bank of Ghana, the central bank has announced in its 2019 Banking Industry Fraud report.

Of the total values reported, the BoG said, approximately GH¢33.44 million, representing 28.96 per cent was reported as losses incurred, while approximately GH¢82.06million, representing 71.04 per cent was recovered.

The Bank of Ghana recorded a total of 2,295 cases of fraud, representing a 5.4 per cent increase in cases reported in 2018.

Rural and community banks reported 55 per cent of the total cases, and commercial banks and savings and loans institutions reported 23 per cent and 22 per cent of the cases respectively.

In total, 83 institutions reported cases in 2019, as compared to 72 in 2018.

The Bank of Ghana said 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, email fraud and more sophisticated types of cyber-crime.