The Bank of Ghana (BoG) has reported that banking fraud losses totaled GH¢99 million in 2024, highlighting a significant challenge for the country’s financial sector.
According to the central bank, staff involvement in fraudulent activities increased to 33%, signaling a concerning rise in internal misconduct. Experts suggest that factors such as insider knowledge, access to sensitive information, and weak internal controls have contributed to this increase.
The BoG has called on banks to strengthen security measures, including enhanced fraud detection systems, regular staff training, and rigorous internal audits. Law enforcement agencies are also collaborating with financial institutions to investigate and prosecute individuals involved in fraud.
Financial analysts warn that the rising trend in banking fraud not only undermines the integrity of the banking system but also erodes public trust. They advocate for a comprehensive review of existing policies and the implementation of stricter measures to combat fraud effectively.
As the financial sector grapples with these challenges, the Bank of Ghana urges all stakeholders to remain vigilant and proactive in safeguarding the country’s banking infrastructure.
source: Thepressradio.com
