BoG questions whether punishment for digital fraud offers enough deterrence
The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says it is difficult to conclude that existing punishments for digital financial fraud are enough to deter offenders.
According to the Bank of Ghana’s report, banks and specialised deposit-taking institutions reported GH¢83 million in fraud value at risk in 2024, but only GH¢3 million was recovered, leaving about GH¢80 million at risk after recoveries.
The Bank of Ghana’s 2024 fraud report shows that banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.
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