There has been a significant decline in the level of staff involvement in fraud committed at financial institutions, the 2022 Fraud Report, published by the Bank of Ghana (BoG) has said.
This is largely due to constant improvement in the internal controls of Banks and Specialized Deposit-Taking Institutions (SDIs), the report said.
Another factor, according to the report, is the stiff punishment that has been meted out by the courts to the culprits which has served as a deterrent to others.
Banks and SDIs have also been admonished to undertake proper background checks of all prospective temporary and permanent employees.
The issue of cash theft (cash suppression) continues to be on the increase in the SDI sector. Most of the cases reported emanates from the rural and community banking sector.
Cash theft (cash suppression) recorded a loss of GH¢3.9 million in 2022. This is a 7.12% decrease from 2021. The count of cash theft (cash suppression) incidents went up in 2022, however, there was a decrease in the loss value recorded.