Bank fraud cases drop but financial risk soars in 2024 – Bank of Ghana Report
While most fraud types recorded a decrease in value at risk, forgery and document manipulation stood out, surging more than sevenfold from GH¢7.47 million in 2023 to GH¢53.5 million in 2024. This category alone represented 67% of the fraud-related risk among banks and SDIs, driven largely by a significant outlier involving GH¢53 million.
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The number of attempted fraud cases within Ghana’s banking and Specialised Deposit-Taking Institutions (SDIs) declined by 18% in 2024 compared to the previous year, according to the latest Fraud Report released by the Bank of Ghana. Despite this drop in cases, the overall financial risk linked to fraud rose by 11%, underscoring a shift in the nature or scale of fraudulent activities.
While most fraud types recorded a decrease in value at risk, forgery and document manipulation stood out, surging more than sevenfold from GH¢7.47 million in 2023 to GH¢53.5 million in 2024. This category alone represented 67% of the fraud-related risk among banks and SDIs, driven largely by a significant outlier involving GH¢53 million.
Recovery of funds lost to fraud has become increasingly difficult for banks and SDIs, the report notes, as extended legal battles often compel institutions to abandon recovery efforts.
In the Payment Service Providers (PSPs) sector, fraud-related risk also grew. There were 15,673 reported fraud cases in 2024 with a total value at risk of GH¢19 million — an 18% rise in value and a 7% increase in case volume compared to 2023.
Combining data from banks, SDIs, and PSPs, the report notes a total of 16,733 fraud incidents in 2024, up 5% from 15,865 cases in 2023. The aggregate value at risk rose to GH¢99 million in 2024 from GH¢88 million the previous year, reflecting a 13% increase.
Within the banking sub-sector alone, fraud-related risk rose by 19%, with GH¢75 million at risk in 2024 versus GH¢63 million in 2023. Apart from the spike in forgery, identity theft also saw a sharp increase — from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. This jump has been linked to lapses in verifying identities during transactions involving Ghana Cards.
The annual fraud report is part of the Bank of Ghana’s efforts to enhance transparency, raise awareness, and strengthen the resilience of the financial system against emerging threats.
