Fraud costs banks and SDIs GH¢72m, despite decline in attempted cases

In 2023, despite a 59% drop in fraud cases in Ghana’s banking and Specialised Deposit-Taking Institutions (SDI) sector, total losses rose by 29% to GH¢72 million.

This rise, driven largely by foreign currency fraud cases, highlights the increasing sophistication of fraud tactics, according to the Ghana Association of Banks (GAB) and Bank of Ghana data.

With 15,865 cases across banks, SDIs, and Payment Service Providers (PSPs), GAB emphasizes the need for improved security.

The Bank of Ghana advises updating technology, strengthening security protocols, and boosting fraud awareness to curb the sector’s vulnerability.