In 2024, the annual fraud report by the Bank of Ghana (BoG) revealed that the total number of fraud cases across three key sub-sectors rose to 16,733, up from 15,865 in 2023, a 5% increase.
This was detailed in the 2024 Fraud Report covering Banking Institutions, Specialised Deposit-Taking Institutions, and Payment Service Providers.
Overall, the reported fraud cases represented a total value at risk of approximately GH¢99 million in 2024, compared to GH¢88 million in 2023, reflecting a 13% rise.
The Bank of Ghana defines fraud as an act of deceit aimed at exploiting victims, often targeting the most vulnerable due to their limited knowledge and understanding of certain banking products or services.
For 2024, the top five types of fraud reported were:
• Forgery and Alteration of Documents
• Identity Theft or Impersonation
• ATM/POS Fraud
• E-Money Fraud
• Remittance Fraud
Forgery and document manipulation topped the list, with a value at risk of GH¢53.54 million in 2024, up significantly from GH¢7.47 million in 2023.
Identity theft or impersonation followed, with a value at risk of GH¢5.77 million, a steep increase from the GH¢0.67 million recorded in 2023.
ATM/POS fraud accounted for GH¢4.14 million in value at risk.
E-money fraud recorded GH¢3.52 million in 2024, representing a 34% decline from the GH¢5.36 million recorded in 2023.
Finally, remittance fraud accounted for GH¢2.80 million in value at risk.
The report provides a comprehensive overview of attempted and/or successful fraudulent activities recorded by Ghana’s Banking Institutions, Specialised Deposit-Taking Institutions, and Payment Service Providers, covering the period from January 1 to December 31, 2024.
SSD/MA
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