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Business News of Monday, 18 July 2022

Source: www.ghanaweb.com

Success rate of financial fraud still high - e-Crime Bureau

Eric Kwaku Mensah, Lead of Financial Crimes and Anti Money Laundering at the e-Crime Bureau play videoEric Kwaku Mensah, Lead of Financial Crimes and Anti Money Laundering at the e-Crime Bureau

Rate of financial crimes still high, e-Crime Bureau

Bank of Ghana releases 2021 financial sector fraud report

We need to curb activities of fraudsters, Eric Kwaku Mensah


The Lead of Financial Crimes and Anti Money Laundering at the e-Crime Bureau, Eric Kwaku Mensah has said that the success rate of fraud activities in the financial sector is still very high despite a decline in attempts.

According to him, fraudsters are coming out with new schemes every day to defraud people and institutions.

Speaking in an interview with GhanaWeb's Mawuli Ahorlumegah, he mentioned that despite the decline in attempts to engage in fraud generally, the success rate is over a hundred percent.

"In 2021 report that just came out, attempted fraud was one hundred and fourteen million and the successful fraud was about sixty-one million. It means that even though the attempted has come down, the success rate of the fraud is very high, over hundred percent, and is very concerning," he said.

Mr. Mensah furthered that measures need to be put in place to clamp down on this menace.

"We should be able to block the funds from moving out, that is the trend we have seen in the report, it raises concern for stakeholders to sit back and find ways and means to prevent the criminals from cashing out," he added.

A recent report by the Bank of Ghana for the year 2021 revealed that the reported fraud cases fell to 53.46 percent, 3.01 percent lower than the 56.47 percent recorded in 2020.

The Bank of Ghana, however, said it is strengthening its fraud monitoring activities and enforcement of required internal controls and risk governance within banks, SDIs, EMIs and other regulated entities.



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