Ghana’s banking sector saw a 26% drop in fraud cases in 2024, falling from 969 in 2023 to 716, according to the Bank of Ghana’s latest report. The decline is credited to stronger internal controls across financial institutions.
However, the report flags a concerning spike in digital fraud. ATM, POS, and card-related fraud jumped by 80%, from 218 to 415 cases, while remittance fraud doubled. The surge is linked to increased use of digital financial services and customers’ limited digital literacy.
While traditional fraud types like cash suppression dropped significantly—down 77%—the Bank of Ghana is urging intensified security upgrades and public education to curb emerging digital threats.
