Fraud constitutes an act of purposeful deception aimed at exploiting a victim, the Bank of Ghana has said in a report.
Usually, the BoG said, perpetrators of fraud target the most vulnerable in society and take advantage of their limited knowledge of the financial sector to deceive them or weaknesses in financial infrastructure.
The report listed what constitutes fraud in banking as ATM/Card fraud, Burglary, Cheque fraud, Cyber-email fraud, E-Money fraud, Fraudulent withdrawals, Forgery and manipulation of documents, Impersonation, Lending/Credit fraud, Remittance fraud, Cash theft (Suppression of cash and deposits), SIM swap-related fraud.
Data collated from the three sub-sectors , (banks, Specialized Deposit-Taking Institutions SDIs, and Payment Service Providers, PSPs) indicated that overall, the count of fraud cases increased to 15,865 in 2023 from 15,164 in 2022, reflecting a 5% rise.