Cheque fraud in Ghana increased in 2019 – BoG

The Bank of Ghana has said the number of cheque fraud cases increased by 2.56 per cent from 39 cases in 2018 to 40 cases in 2019.

According to the central bank, this includes fraud incurred as a result of cloned cheques, stolen cheque leaflets and cheque alteration.

The bank also revealed that there was an increase in the number of cases reported as cheque cloning.

According to them the cheque cloning originates from the operation of syndicates involving staff of financial institutions, telecommunications companies and cheque-printing houses.

The Bank of Ghana further indicated that, the banking industry reported approximately GH¢115.52 million as fraud to the central bank.

In all the total values reported, the Bank of Ghana said, approximately GH¢33.44 million, representing 28.96 per cent was reported as losses incurred while approximately GH¢82.06 million, representing 71.04 per cent was recovered.

The Bank of Ghana recorded a total of 2,295 cases of fraud, representing a 5.4 per cent increase in cases reported in 2019.

Paa Kweku Eshun

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