Banks, SDIs dismissed 155 staff for fraud in 2024 - BoG

The number of staff involved in fraud at banks and SDIs increased.

It rose from 274 in 2023 to 365 in 2024.

This is a 33% increase.

Seventy-five percent of the staff were involved in cash theft or suppression.

In 2023, this figure was 77%.

The Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers Fraud Report for 2024 states that 155 staff were dismissed.

These dismissals occurred for various reasons.

Out of the 155, 83 were due to cash theft-related fraud.

This represents 54% of the total dismissals.

The Bank of Ghana expressed concern about rising fraudulent activities among staff.

They noted a steady increase in such incidents within regulated financial institutions.

As a result, banks and SDIs must strengthen internal controls.

They should enhance recruitment due diligence and provide ongoing training on professional conduct.

Additionally, they need to ensure that culprits are prosecuted as a deterrent.

In the year reviewed, GH¢3 million was recovered from fraud cases.

This amount represents 4% of the total fraud value at risk, which was GH¢83 million.

With this recovery, the overall value at risk decreased to GH¢80 million.

This success came from collaboration among stakeholders and effective fraud mitigation controls by financial institutions.