Staff of banks involved in fraud increases by 46% in 2023; BoG expresses worry

The Bank of Ghana’s 2023 Fraud Report revealed a 46% rise in staff-related fraud cases at banks and Specialized Deposit-Taking Institutions (SDIs), with 274 employees implicated, up from 188 in 2022.

The majority (77%) were involved in cash theft.

The report also noted a 7% increase in total fraud-related losses, reaching GH¢88 million in 2023.

Fraud cases rose by 5%, with a significant increase in fraudulent withdrawals, cyber fraud, and SIM swap schemes.

Despite a 59% decline in attempted fraud cases, the overall loss value surged, partly due to fraud involving foreign currencies.

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