40% of graduates go into banking to defraud and make quick money, according to Cal Bank MD

The Managing Director (MD) of Cal Bank, Frank Brako Adu says that about 40% of graduates who decide to work in the banking and financial sector have intentions of defrauding institutions to make quick money.

Frank Brako Adu, CAL Bank MD

Speaking on TV3, Mr Adu said his figures are the result of recent research conducted.

He said, “There is actually report, research done, and it said, 40% of all new graduates who go into banks, cashiering jobs, et cetera, go with an intention of defrauding the institution.”

He further indicated that the banks record a lot of fraud cases every day, with the worst located in the cyber regime.

According to the Cyber Crime Unit of the Ghana Police Service, Ghana lost $$229.9 million to cybercrime between August 2016 and August 2018.

The head of the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service, Chief Superintendent Dr Herbert Gustave Yankson, who made this revelation, said $28 million representing 40% of cybercrime losses in 2017 were stolen from banks.

In a related development, Dr Joe France, the Director of Financial Stability, Bank of Ghana (BoG), has also said that over 90% of fraud-related cases in the banking sector are associated with the employees.

According to him, investigations have shown that some of the banking staff masterminded most of these frauds. He, therefore, urged the management of banks to do due diligence before they recruit staff into their institutions.

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