Finance

Fraud loss to banks, special-deposit institutions up by 144%

The total value of attempted fraud reported by Banks and Specialised Deposit–Taking Institutions (SDI) for the year 2021 has amounted to GH¢113 million, as compared to GH¢1billion reported in 2020.

Out of this amount, a loss of GH¢61million was recorded, as compared to a loss of GH¢25 million in 2020, representing an increase of 144 per cent on a year-on-year basis.

The BoG made this known in its 2021 Fraud Report prepared by the Financial Stability Department of the Bank.

The report showed that a loss of GH¢22 million was recorded for Automated Teller Machine (ATM) /Point of Sale (PoS) fraud, which represented an increase of 161.90 per cent in year-on-year terms, rising from GH¢8.4 million in 2020 to GH¢22 million in 2021.

There was also a significant increase in loss of 1,594.91 per cent in year-on-year terms for impersonation fraud where approximately about GH¢10 million loss was recorded, as compared to GH¢0.59 million in 2020.

“Lending/Credit Fraud also recorded a significant loss value of approximately GH¢8.2 million in 2021, as compared to the loss of GH¢0.62 million loss recorded in 2020, representing an increase of 1222.58 per cent in year-on-year terms.”

It was revealed that an attempted value recorded for forgery and manipulation of documents in 2021 rose to GH¢53million with a loss value of GH¢7million from an attempted value of GH¢8.5million and a loss of GH¢6.5million recorded in 2020.

This represented an increase of 7.69 per cent on an annual basis.

“The Rural and Community Banks recorded the highest rate of success of 91.39 per cent and closely followed by the Savings and Loans sector, which recorded a success rate of 82.51 per cent,” the report said.

The Fraud report also indicated that suppression of cash and deposits recorded notable losses for the period under review.

It stated that a loss of GH¢4.2 million was recorded in 2021, compared to GH¢2.3 million in 2020, representing an increase of 82.60 per cent on a year-on-year basis.

Meanwhile, E-money fraud also recorded a significant loss of GH¢3.2 million in 2021, as compared to a loss of GH¢1.04 million recorded in 2020, representing an increase of 207.69 per cent.

“Cyber/Email fraud recorded a loss value of approximately GH¢2.5 million, as compared to a loss of GH¢ 1.05 million recorded in 2020, representing an increase of 138.09 per cent in year -on -year terms” the report highlighted.

 

Source: GNA

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button