• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 8, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Banking Sector Fraud Increase by 5.4% in 2019 – BoG

August 13, 2020
thevaultzby thevaultz
in Economics, Top Stories
0
BoG’s MPC commences 3-Day economy assessment meeting today

Dr. Ernest Addison - Governor, Bank of Ghana

A latest report by the Bank of Ghana (BoG) has indicated that fraud cases in the banking sector increased from 2,175 to 2,295 2019, representing a marginal increase of 5.4 per cent.

According to the report, Rural and Community Banks reported 55 per cent of the total cases, and commercial banks and savings and loans institutions reported 23 per cent and 22 per cent of the cases respectively.

In total, eighty-three (83) institutions reported cases in 2019, as compared to seventy-two institutions (72) in 2018.

RelatedPosts

GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

UBA Ghana Board Chair Wins Top Honour for Financial Stewardship at UBA Ghana

The various fraud types that contributed to the total number of fraud incidences reported to the BoG can be seen as illustrated in the table and graph below:

Tab 1
Source: https://www.bog.gov.gh/news/the-2019-banking-industry-fraud-report/
T2 1
Source: https://www.bog.gov.gh/news/the-2019-banking-industry-fraud-report/

The total value of the fraud cases amounted to GH115.5 million, out of which, GH82 million was detected and recovered, while GH33.4 million was loss.

The marginal increase in the number of fraud cases according to the central bank could partly be attributed to the improved efforts by the Financial Stability Department to identify, monitor and to ensure compliance with reporting of fraud cases in the industry.

As part of efforts to give more details, the report said the various forms of advanced technologies adopted by financial institutions 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.

“Similar to the year 2018, in 2019, suppression of cash and deposits accounted for the largest portion of the total number of fraud cases reported to the Bank of Ghana,” the report said.

Cyber Fraud

During the year under review Cyber fraud cases decreased by 34.48 per cent from 174 cases in 2018 to 114 cases in 2019. However, despite the decrease in 2019, cyber fraud accounted for the highest value of attempted fraud amounting to GH¢ 50.54 million (with actual loss of GH¢14.31 million).  

Screenshot 1 1
Source: https://www.bog.gov.gh/news/the-2019-banking-industry-fraud-report/

The report stressed that about 94 per cent of the fraud cases reported as suppression of cash and deposits were perpetrated by staff (either contract or permanent) of the financial institutions.

“The alarming rate of involvement of bank staff in the perpetration of fraud in the banking sector, calls for significant reforms in the engagement, remuneration and disengagement processes of employees and contractual staff of financial institutions”, the report noted.

In all, the total loss value reported is made up of GH¢10.35million with a remaining balance of GH¢23 million.

Tags: Bank of GhanaDr. Ernest Addisonfraud
Please login to join discussion
Previous Post

Late Flurry Sees PSG Reach Semi-Finals for First Time in 25 Years

Next Post

MTN partners police to arrest over 40 MOMO fraudsters

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

DIHOC Inaugurated to aid industrialization
General News

DIHOC Inaugurated To Power Ghana’s Defence Drive

July 8, 2025
GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound
Securities/Markets

GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound

July 8, 2025
Andy Appiah-Kubi, Party, Ghanaians
General News

Former NPP MP Applauds NDC’s Interim Economic Management

July 7, 2025
Ernest Yaw Kumi, Dceased MP for Akwatia
General News

Parliament Grieves Loss of Akwatia MP 

July 7, 2025
Iran’s Pezeshkian In Iraq For State Visit
Asia

Iran Open To Dialogue With US Provided Trust Is Established

July 7, 2025
CalBank Marks 35 Years of Values-Driven Growth Wit Red Week Reflections
Banking

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

July 7, 2025
DIHOC Inaugurated to aid industrialization
General News

DIHOC Inaugurated To Power Ghana’s Defence Drive

by Lilian AhedorJuly 8, 2025
GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound
Securities/Markets

GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound

by Stephen M.CJuly 8, 2025
Andy Appiah-Kubi, Party, Ghanaians
General News

Former NPP MP Applauds NDC’s Interim Economic Management

by Silas Kafui AssemJuly 7, 2025
Ernest Yaw Kumi, Dceased MP for Akwatia
General News

Parliament Grieves Loss of Akwatia MP 

by Evans Junior OwuJuly 7, 2025
Iran’s Pezeshkian In Iraq For State Visit
Asia

Iran Open To Dialogue With US Provided Trust Is Established

by Comfort AmpomaaJuly 7, 2025
CalBank Marks 35 Years of Values-Driven Growth Wit Red Week Reflections
Banking

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

by Stephen M.CJuly 7, 2025
DIHOC Inaugurated to aid industrialization
GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound
Andy Appiah-Kubi, Party, Ghanaians
Ernest Yaw Kumi, Dceased MP for Akwatia
Iran’s Pezeshkian In Iraq For State Visit
CalBank Marks 35 Years of Values-Driven Growth Wit Red Week Reflections
[/vc_row_inner]

Recent News

  • DIHOC Inaugurated To Power Ghana’s Defence Drive
  • GSE Bulls Charge Back: Energy, Telecom and Financial Stocks Lead Market Rebound
  • Former NPP MP Applauds NDC’s Interim Economic Management
  • Parliament Grieves Loss of Akwatia MP 
  • Iran Open To Dialogue With US Provided Trust Is Established
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.