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Fraudsters Bag GH¢88 Million From Banks, Others In 2023
Money

Fraudsters Bag GH¢88 Million From Banks, Others In 2023

by  Delali Adogla-Bessa 2 min read
  • Fraud cases in some financial institutions have resulted in about GH¢88 million in losses
  • According to the Bank of Ghana’s annual Fraud Report, fraud cases increased to 15,865 in 2023
  • The PSP sector alone recorded losses of GH¢16 million, which involved 14,655 cases in 2023

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Fraud cases in banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) cost them about GH¢88 million.

Fraud cases increased to 15,865 in 2023, up from 15,164 in 2022, where fraud cost banks GH¢82 million.

Fraudsters Rake In GH¢88 Million From Banks
Fraud loses in banking sector, among others, has risen to GH¢88 million
Source: Getty Images

According to the Bank of Ghana’s annual Fraud Report, this represented a 5% increase.

Class FM reported that some of the fraud included fraudulent withdrawals from victims’ accounts, cyber/email fraud, and cash theft.

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The report also mentioned SIM swap-related fraud, in which SIM numbers linked to banking accounts are hijacked.

While attempted fraud cases in the banking and SDI sectors declined “sharply” by 59% in 2023 compared to 2022, the total loss value associated with these cases stood at approximately GH¢72 million, a 29% increase over the 2022 figure of GH¢56 million recorded.

The Bank of Ghana said there have also been outlier fraud cases involving foreign currencies, contributing to the increased value of stolen money.

BoG urges people to report sudden wealth

The Bank of Ghana noted that persons with information about suspected unexplained wealth and money laundering cases should report them.

The bank says money laundering has the potential to devastate the economy and threaten the security of the state.

It says those caught engaging in money laundering activities and those benefitting from it could be prosecuted.

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Persons who allow their bank accounts to be used by third parties for transactions risk being prosecuted for money laundering or terrorist financing.

Blogger given 30-day jail term

YEN.com.gh reported that an Accra Circuit Court sentenced a blogger to prison for publishing and distributing false information.

The blogger, Jeffrey Epprim Nyame, was found guilty and is expected to spend 30 days behind bars.

The presiding judge, Isaac Addo, stated that his custodial sentence should warn other Ghanaians not to spread fake news.

Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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