No Result
View All Result
Tuesday, August 16, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG to hold emergency MPC meeting on Wednesday

    BoG, EOCO deepen collaboration to build robust financial sector

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Coronation Insurance launches marine insurance e-portal for importers

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG to hold emergency MPC meeting on Wednesday

    BoG, EOCO deepen collaboration to build robust financial sector

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Coronation Insurance launches marine insurance e-portal for importers

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

byBobbie Osei
June 30, 2022
in Banking And Finance, Local Economy, News, TECHNOLOGY, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The value of losses recorded as a result of fraud in Banks and Specialized Deposit-Taking Institutions in Ghana in 2021, witnessed a significant jump, rising to GH¢61 million as compared to a loss of GH¢25 million in 2020, representing a 144 % increase in year-on-year terms.

This was captured in the 2021 Banking, Specialised Deposit-Taking Institutions (B&SDI) and Electronic Money Issuers (EMI) fraud report.

Just like was observed in 2020, the 2021 Banking, Specialised Deposit-Taking Institutions (B&SDI) and Electronic Money Issuers (EMI) fraud report shows that the gradual shift from a cash-reliant financial sector to a cash-light financial sector through the usage of electronic products and services as a result of impact of COVID-19, has given rise to the involvement of fraudsters who take advantage of vulnerable customers who are not well versed in the usage of these electronic systems, to defraud them.

ADVERTISEMENT

The year 2021, however, showed a minimal decline of 12.09% in the number of attempted fraud cases of 2,347 for the Banking and SDI sector as compared to 2,670 in 2020.

The significant fraud types that accounted for this figure included ATM card/POS fraud, impersonation, lending and credit fraud, forgery and manipulation of documents, cash suppression and E-money fraud.

ATM card/POS related fraud

ATM card/POS related fraud recorded the highest loss of GH¢22million. This can be attributed to negligence of some customers and weak systems of some financial institutions.

Impersonation

Another significant fraud type was impersonation which recorded a loss of GH¢10 million. This loss can be attributed to lack of due diligence on the part of bank staff and customers of financial institutions when carrying out transactions.

Staff involvement

Staff involvement in fraud, which constitutes 53.46% of total fraud cases, continued to increase in the year under review.

EMI related fraud

The Electronic Money Issuers (EMI) sector reported a significant number of mobile money (MOMO) fraud incidents and loss values in 2021. EMIs recorded 12,350 MOMO-related fraud incidents in 2021. The total value of fraud reported by EMIs for 2021 amounted to GH¢14.2 million. The total E-Money-related loss recorded by EMIs in 2021 amounted to approximately GH¢12.8 million.

Related Posts

Local Economy

BoG to hold emergency MPC meeting on Wednesday

bycitibusinessnews

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for Wednesday, August...

Read more

BoG, EOCO deepen collaboration to build robust financial sector

Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

Private sector critical to renewable energy target – Sector Ministry

Cedi Depreciation: Government urged to enforce laws on pricing in dollars

Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

Assistant Director, Fintech and Innovation, BoG, Clarence Blay

E-cedi will not affect MoMo business – Bank of Ghana

Next Post

Prices of petrol, LPG to fall by 4% in first pricing window of July - IES

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.