Bank of Ghana urges banks to adhere to monthly reporting of fraud cases

The Bank of Ghana (BoG) has issued a warning to banks, urging them to adhere to its monthly fraud reporting requirements. This measure aims to assist the regulator in monitoring and addressing fraudulent activities within the financial sector effectively.

Dr. Kwasi Osei Yeboah, the Head of Financial Stability at the BoG, emphasized the importance of collaboration among financial sector stakeholders

Read full articlein combating fraud. Speaking at a workshop on Committee for Co-operations between the Law Enforcement Agencies and the Banking Community, Dr. Yeboah stressed the need for a concerted effort to tackle the issue.

He highlighted that comprehensive fraud reporting is crucial for promoting financial integrity and consumer confidence in the sector. Dr. Yeboah emphasized that even a single fraud case is significant, as it reflects consumer concerns and impacts the overall trust in financial services.

John Awuah, the Chief Executive Officer of the Ghana Association of Banks, echoed the call for a decisive approach to address fraud within the financial sector. He emphasized the importance of customer confidence, especially with the increasing reliance on digital platforms for banking operations.

The BoG's fraud report for 2023 indicated a decrease in total loss value recorded by Banks and Specialised Deposit-Taking Institutions (SDIs) compared to the previous year. However, there was an increase in attempted fraud cases, highlighting the ongoing challenge faced by the sector in combating fraudulent activities.