In order to impose necessary internal controls and risk governance inside banks, SDIs, EMIs, and other regulated organisations, the Bank of Ghana (BoG) has said that it is stepping up its fraud monitoring operations.
A notification about the use of the Ghana Card as the principal identity document for all financial transactions has been published by the Central Bank to the general public, banks, and other regulated businesses as part of the measures.
"All Banks and SDIs are obligated to pay special attention to and assure compliance with this regulation. The likelihood of fraud in the financial industry will be reduced as a result.
To manage the work of the Committee for Cooperation between Law Enforcement Agencies and the Bank of Ghana's Financial Stability Department, a secretariat has been established.
the Banking Sector (COCLAB). According to the 2021 Banking, Specialized Deposit-Taking Institutions (B&SDI), and Electronic Money Issuers (EMI) fraud report, this is done to guarantee that COCLAB fulfils its duty of creating and putting in place effective procedures to reduce fraud in the industry.
According to the data, the number of attempted fraud cases for the Banking and SDI sector decreased by just 12.09 percent in 2021 to 2,347 from 2,670 in 2020.
However, the research noted that the lost value for 2021 was GH 61 million as opposed to GH 25 million in 2020, reflecting an increase of 144.00 percent year over year.
"ATM card and POS [Point of Sale] fraud accounted for the majority of this number. impersonation, fraud, lending, and credit Fraud, document fabrication and manipulation, currency suppression, and E-money fraud were all mentioned.
"ATM card/POS fraud increased as a result of the banking sector's increased use of electronic and digital platforms. There were other scam kinds, too, and those as well suffered significant losses. These include forgery and document manipulation, impersonation, lending and credit fraud, suppression of cash and E-money, and lending and credit fraud. The loss from ATM card/POS fraud was the greatest at GHC 22 million. This can be attributable to the carelessness of certain clients and the flaws in some financial institutions' systems.
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