Fraud cases drop in 2024, but value at risk rises – BoG

The Bank of Ghana has released new data on fraud cases. In 2024, suspected fraud cases in banks and Specialised Deposit-Taking Institutions (SDIs) fell by 18% compared to 2023.

However, the total value at risk increased by 11%. It rose from GH¢72 million in 2023 to GH¢80 million in 2024. The report also includes Payment Service Providers (PSPs).

Forgery and document manipulation became the most severe type of fraud. This category accounted for 67% of the total value at risk for banks and SDIs. Losses jumped from GH¢7.47 million in 2023 to GH¢53.5 million in 2024, a sevenfold increase. A single case involving GH¢53 million drove this spike.

Identity theft losses nearly tenfold increased as well. They grew from GH¢0.6 million to GH¢5.7 million due to weak due diligence during Ghana Card-based transactions. Recovering losses remains a challenge for financial institutions because of lengthy legal processes.

In the PSP sector, the total value at risk rose to GH¢19 million in 2024. There were 15,673 reported cases, an increase of 18% in value and 7% in case count compared to 2023.

Overall, across banks, SDIs, and PSPs, fraud cases increased by 5%. The number rose from 15,865 in 2023 to 16,733 in 2024. The total value at risk also went up by 13%, from GH¢88 million to GH¢99 million.

For banks specifically, the total value at risk reached GH¢75 million in 2024. This was up from GH¢63 million in the previous year—a rise of 19%.

The Bank of Ghana's annual fraud report emphasizes the need for stronger internal controls and better identity verification processes. Enhanced legal mechanisms are also needed to support fraud recovery efforts.