Bank of Ghana report says fraud cases in banks increase by more than 50 percent in 2018

Bank of Ghana has disclosed that the number of fraud cases reported by commercial banks in the country in 2018 increased by 50 percent from the figure recorded in 2017.

Bank of Ghana report says fraud cases in banks increase by more than 50 percent in 2018
  • Bank of Ghana said the number of fraud cases reported by commercial banks increased to 2,175 in 2018.
  • This represents a 50% increase compared to the 1,418 recorded in 2017.
  • Cases such as identity theft, card skimming, amongst others contributed to the increase.

According to the report, the banking industry reported a total of 2,175 fraud cases as compared to 1,418 fraud cases reported in, 2017.

The central bank made the revelation in its Payment Systems Oversight Annual Report, 2018 compiled by the Payment Systems Department.

It noted that the ‘significant’ increase in the number of fraud cases reported may partly be attributed to the improved efforts by the Bank of Ghana t to monitor fraud cases in the industry and also to ensure compliance with reporting.

The report further stated that, in recent times, the various forms of advanced technologies adopted by financial institutions have made the banking sector more susceptible to various risks such as phishing, identity theft, card skimming, vishing, email fraud and more sophisticated types of cyber-crime.

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