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Business News of Monday, 17 August 2020


Incidents of forgery and manipulation of documentation increased in 2019 – BoG

Incidents of forgery and manipulation of documentation in the banking sector have seen a rise from 2018 to 2019, according to the Bank of Ghana (BoG).

This follows the central banks’ summary of Banking Industry Fraud Report showing that the industry’s reported fraud in 2019 was mainly committed or aided by staff witnessed an increase by more than 5.5 percent – recording 2,295 cases and valued at GH¢115 million.

According to the report, forgery and manipulation of documentation category of cases increased to 157 cases in 2019 from a previous 136 in 2018.

The change in percentage for the year 2018 and 2019 for such category of fraud cases stood at 15.40 percent of cases.

For another category of fraud cases; Suppression of Cash and Deposits, the report noted an increase in cases by 43.1 percent from 1,239 cases in 2018 to 1,774 cases in 2019.

The total value of reported cases under this fraud category was pegged at GH¢5.05 million, with a loss amount of GH¢4.07 million.

Additionally, cases involving cyber-crime, relating to email fraud and internet banking fraud and other localised payment and mobile banking platforms decreased by 34.4 percent, from 174 cases in 2018 to 114 cases in 2019.

Despite the decline in 2019, cyber fraud related crimes accounted for the highest value of attempted fraud which amounted to GH¢50.5 million, with losses of GH¢14.3 million made.

Overall, the Bank of Ghana (BoG) said over 80 percent of perpetrators for all cases reported were committed or aided by staff of banks and financial institutions.

The central bank on their part has directed banks and financial institutions to consist of taking staff through police vetting in order to determine any criminal history prior to their employment.

Read the Bank of Ghana's full report below:

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