This archive report was first published on 2 September 2019.
Published on September 2, 2019, the Bank of Ghana's report on fraud in the banking sector revealed a significant increase in cyber fraud attempts in 2018.
The amount involved, a staggering 190% increase from the GH¢116 million attempted in 2017, highlights the growing threat of cybercrime in the country's financial sector.
Despite the increase in attempted value, the Bank of Ghana reported that GH¢325.8 million was recovered in 2018.
The report noted a sharp rise in cyber fraud incidents, from 36 in 2017 to 174 in 2018, a 380% increase year on year.
The Bank of Ghana attributed the increase in cyber fraud cases to the growing use of mobile money and digital payment platforms, which have made it easier for fraudsters to steal money from customers' accounts.
According to the report, email phishing was the most common type of cyber fraud adopted by fraudsters, where customers were lured into updating or verifying their passwords, allowing fraudsters to steal sensitive information.
