The Bank of Ghana (BoG) has published its annual fraud report, detailing the incidence of fraud across Banks, Specialized Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) for the year 2024.
According to the report, the total number of fraud cases rose by 5% to 16,733 in 2024, compared to 15,865 cases in 2023.
The total value at risk increased by 13%, reaching GH¢99 million, up from GH¢88 million the previous year. This rise reflects continued challenges within Ghana’s financial ecosystem despite regulatory interventions.
Fraud Trends and Typologies
Forgery, manipulation of documents, and impersonation/identity theft saw notable increases in 2024. However, cyber/email fraud, fraudulent withdrawals, and cash theft/suppression recorded significant declines.
The report highlights ATM/Card fraud, cheque fraud, cyber/email fraud, e-money fraud, forgery, impersonation, lending fraud, remittance fraud, cash theft, and SIM swap fraud as the main typologies observed within the banking and payment sectors.
Banking Sector Insights
Banks recorded 716 fraud cases, a 26% decrease from 2023 figures. However, the total value at risk to banks increased by 19%, reaching GH¢75 million in 2024.
Forgery and manipulation of documents emerged as the most financially devastating fraud type, accounting for GH¢53.5 million, approximately 67% of the banking sector’s fraud risk.
Other significant fraud types in banks included identity theft/impersonation (GH¢5.7 million), ATM/POS/Card fraud (GH¢4.14 million), e-money fraud (GH¢3.52 million), and remittance fraud (GH¢2.80 million).
SDIs Sector Insights
The SDI sector reported 344 fraud cases in 2024, representing a 43% increase over the previous year. Despite the rise in cases, the value at risk declined by 48% from GH¢8.7 million in 2023 to GH¢4.5 million in 2024.
Cash theft/suppression remained the leading fraud typology within SDIs, contributing GH¢1.6 million to the sector’s total value at risk. Lending fraud (GH¢1.2 million) and burglary (GH¢0.73 million) also featured prominently.
Also read: Ghana’s Mobile Money Fraud: The Cost Over the Years
Fraud in the Payment Service Providers Sector
The PSP sector recorded 15,673 electronic fraud cases in 2024, a 7% increase from 2023. The total value at risk reached GH¢19 million, marking an 18% year-on-year increase.
Transaction volumes in the sector also grew significantly, with 8.1 billion transactions recorded in 2024, up from 6.8 billion in 2023. The corresponding transaction values rose from GH¢1.9 trillion to GH¢3.0 trillion, reflecting a 58% increase.
December recorded the highest fraud risk, correlating with increased commercial activities during the festive season.
Staff Involvement in Fraud
Staff involvement in fraudulent activities within Banks and SDIs rose by 33%, from 274 cases in 2023 to 365 cases in 2024.
Notably, 75% of the implicated staff were involved in cash theft/suppression. Despite the high incidence, only 43% of fraudulent staff were dismissed, indicating challenges in disciplinary enforcement and legal prosecution.
The Bank of Ghana reiterated the need for stronger internal controls, rigorous staff vetting processes, and continuous training to mitigate staff-driven fraud.
The Amount of Money Recovered Was Just 3%
The report further indicates that only GH¢3 million, representing 4% of the total GH¢83 million fraud value at risk for Banks and SDIs, was recovered in 2024. The low recovery rate is largely attributed to prolonged legal proceedings and institutions abandoning complex fraud cases.
From 2020 to 2024, the total fraud value at risk within Banks and SDIs rose consistently, from GH¢25.4 million to GH¢79.7 million. Forgery and manipulation of documents, impersonation, and ATM/Card fraud emerged as persistent threats over the five-year period.
Also read: Smile ID’s 2025 Report on Digital Identity Fraud in Africa
Regulatory Directives
To address these trends, the Bank of Ghana issued the following directives:
- Banks and SDIs must cultivate a security-awareness culture through regular training and forums.
- Institutions must strengthen dual-control mechanisms and enforce mandatory staff rotations, particularly in sensitive roles.
- Banks and SDIs must collaborate closely with law enforcement agencies for swift prosecution of fraud cases.
- Mobile applications and internet banking platforms must implement multifactor authentication and disable auto-login features.
- PSPs are required to strengthen authentication mechanisms, enforce periodic PIN changes, and intensify public education on fraud prevention.
- PSPs must also provide specialized fraud training to agents and monitor customer behavior to detect anomalies.
The Bank of Ghana emphasized that fighting fraud requires collective action among financial institutions, regulatory bodies, law enforcement agencies, and the public. Strengthened vigilance, improved internal controls, and enhanced customer education remain essential to safeguarding Ghana’s financial sector amid evolving technological threats.
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