Advanced technology will expose banks to fraudsters – BoG

Bank of Ghana has indicated that, advanced technologies adopted by financial institutions have made the banking sector more opened to various risks from scammers and fraudsters.

The Bank said,such risks involves identity theft, card skimming, phishing, email fraud and more advanced types of cyber-crime.

The central bank revealed that the banking sector reported GHC115.52 million loss as fraud to the Bank of Ghana.

28.96% was reported as losses incurred, whiles approximately GHC 82.06million, representing 71.04% was recovered.

It further said that,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 all, eighty-three (83) institutions reported cases in 2019, as compared to seventy-two institutions (72) in 2018.

Which represent an additional 11 fraud cases from the previous years.

In 2019, the banking industry reported a total number of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018. The marginal increase in the number of fraud cases reported may 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.

Paa Kweku Eshun

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