Staff fraud cases in banks hit 365 in 2024 – BoG

Staff involvement in fraud increased by 33% in 2024. This information comes from the latest annual fraud report by the Bank of Ghana (BoG). The report covers banks and specialized Deposit-Taking Institutions (SDIs).

Last year, 365 employees were implicated in fraud cases. This is up from 274 in 2023. Cash theft or suppression was the most common type of internal fraud. It accounted for three-quarters of all cases, with 274 staff involved.

Despite the seriousness of these offences, only 43% of those involved were dismissed. The BoG noted that lengthy legal processes discourage full legal action against offenders.

The Bank of Ghana expressed concern about this steady increase in fraudulent activities. They urged banks and SDIs to improve recruitment screening and prosecute offenders diligently.

The findings also showed a rise in overall fraudulent activities across the financial sector. A total of 16,733 fraud cases were reported in 2024, marking a 5% increase from last year. While bank fraud cases declined, SDI and Payment Service Provider (PSP) fraud rose.

Notably, the value at risk from forgery and document manipulation soared to GH¢53.5 million in 2024. This is nearly eight times the GH¢6.9 million recorded in 2023. Identity theft losses also surged, increasing nearly ninefold.

Despite these alarming trends, the BoG recovered only GH¢3 million out of GH¢83 million at risk. This highlights ongoing challenges in enforcement and recovery efforts. The report calls for a "zero tolerance" culture toward internal fraud and continued collaboration among stakeholders to combat financial crime.