According to the Bank of Ghana’s 2023 Fraud Report, there has been a 5% rise in fraud cases in the banking sector.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Bank of Ghana’s 2023 Fraud Report has revealed a 5% increase in fraud cases across the banking sector, with incidents rising from 15,164 in 2022 to 15,865 in 2023.

The financial impact of these cases also escalated, with total losses surging 7% year-on-year to approximately Gh¢88 million.

The report highlights significant upticks in fraudulent account withdrawals, cyber and email fraud, and cash suppression.

Additionally, SIM swap fraud, where criminals take control of SIM cards linked to banking apps and mobile wallets, has become a growing threat.

Source: newsthemegh.com