GH¢33m lost by banks in 2022 due to forgery & manipulation of documents-BoG

The Bank of Ghana’s 2022 report on fraud has shown that about GH¢33m was lost by banks through forgery and manipulation of documents.

Forgery and manipulation of documents emerged as the prominent fraud typology recording the highest loss in fraud cases in 2022.

Another fraud typology which was also on the increase was fraudulent withdrawals.

BoG said this typology involved money fraudulently withdrawn from customers’ accounts resulting in losses totalling GH¢7million.

Most of the cases recorded in this fraud type had the involvement of staff of banks and SDIs.

Cheque fraud also accounted for a loss value of GH¢5million.

The most common modus operandi in cheque fraud was cloned cheques.

While staff involvement in fraud persists, the numbers have started trending downward due to strict sanctions imposed by the Bank of Ghana and strong advocacy for improved controls by the sector institutions.