Collective action key to tackling financial sector fraud – BoG

Fraud cases in the PSP sector jumped by 54 per cent, from 15,673 in 2024 to 24,124 in 2025, with the value at risk nearly doubling from GH¢19 million to GH¢37 million, attributed to the rapid growth in digital transactions and relatively lower levels of digital literacy among users, despite the sector’s vital role in promoting financial inclusion.

In the banking sector, fraud cases fell by 34 per cent, from 716 in 2024 to 472 in 2025 as the value at risk also dropped by 24 per cent, from GH¢75 million to GH¢57 million, but cash suppression emerged as a major threat, accounting for GH¢40.

Mr Bernard Otabil, Director, Communications Department, Bank of Ghana, speaking during the training session, said the rise in fraud cases in the financial sector, particularly the high risk in the payment services, called for enhanced stakeholder collaboration.