Bank of Ghana reports 33% rise in staff-involved fraud in 2024

The Bank of Ghana has reported a 33% rise in staff fraud for 2024.

This increase affects the banking and specialised deposit-taking sector.

In total, 365 employees were involved in financial misconduct, up from 274 in 2023.

The annual fraud report attributes this rise to internal lapses and oversight issues.

Cash theft or suppression was the most common type of fraud.

It accounted for three-quarters of all incidents.

Of those implicated, 274 were involved in concealing or unlawfully taking cash.

Despite the seriousness of these actions, only 43% faced dismissal.

The Bank noted that lengthy legal processes discourage full disciplinary action.

The report expressed concern about rising fraudulent activities among staff.

It urged banks and SDIs to improve recruitment screening and prosecute offenders diligently.

Beyond employee misconduct, overall fraud in financial services is increasing.

In 2024, there were 16,733 recorded fraud cases, a 5% rise from last year.

While traditional banks saw a slight decline, SDIs and PSPs experienced a surge.

A major concern was the rise in forgery and document manipulation losses.

These losses soared to GH¢53.5 million from GH¢6.9 million in 2023.

Identity theft losses also increased significantly, nearly ninefold.

Despite these challenges, only GH¢3 million of an estimated GH¢83 million at risk was recovered.

This highlights ongoing issues with enforcement and asset retrieval in the sector.

The report calls for a "zero tolerance" culture towards internal fraud.

It emphasizes collaboration between financial institutions, regulators, and law enforcement to combat financial crime effectively.