The Use Of Advanced Tech Makes Banks Vulnerable To Fraudsters – BoG
The Bank of Ghana has revealed that in recent times, the various forms of advanced technologies adopted by financial institutions have made the banking sector more vulnerable to various risks such as phishing, identity theft, card skimming, phishing, email fraud and more complicated types of cyber-crime.
The central bank disclosed that the banking industry reported approximately GHC115.52 million as fraud to the Bank of Ghana, the central bank has declared.
Of the total values reported, the BiG said, approximately GHC 33.44 million
Representing 28.96% was reported as losses incurred, while approximately GHC 82.06 million, representing 71.04% was recovered.
The Bank of Ghana recorded a total of 2,295 cases of fraud indicating a 5.4% increase in cases reported in 2018.
Rural and Community Banks reported 55% of the total cases, and commercial banks and savings and loans institutions reported 23% and 22% of the cases respectively.
In total, eighty-three (83) institutions reported cases in 2019, as compared to seventy-two institutions (72) in 2018.