Fraud across Ghana’s digital financial market nearly doubled between 2022 and 2025, according to new figures from the Bank of Ghana (BoG), illustrating the severe security threats accompanying the country’s rapid adoption of electronic payments.
Addressing stakeholders at the opening of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB) technical committee workshop at the Royal Senchi in the Eastern Region, Second Deputy Governor of the central bank, Matilda Asante-Asiedu, revealed that perpetrators are shifting focus as traditional banking fraud drops.
Data from the apex bank indicates total fraud cases across the financial sector surged by 48% in a single year, climbing from 16,733 reported incidents in 2024 to 24,778 cases in 2025—a jump powered almost entirely by online and mobile channels.
“It is not just a shift in the statistics or the data, but it’s also a shift in the financial crime landscape itself,” she said.
“Between 2022 and 2025, fraud incidents in the digital space increased by 98%, confirming again that criminal activity is also following the growth in digital transactions,” she said.
Mrs Asante-Asiedu warned that vulnerabilities within Fintechs or Payment Service Providers (PSPs) pose systemic risks to the broader banking sector due to how integrated the financial infrastructure has become.
“It’s not just a challenge for a PSP. Because think about it, a PSP’s account sits with a bank. And so if that fraud incident happens, it transcends one institution and it affects the entire financial ecosystem,” she said.
Highlighting the sophisticated tactics employed by modern cybercriminals, the Second Deputy Governor called on regulators, financial institutions, and security agencies to revamp their strategy through seamless intelligence sharing, swift prosecutions, and enhanced public education.
“We should be so efficient that when the fraudster begins to think through their next move, they’ll also think, gosh, what if these people arrest me?” she said.
By: Rainbowradioonline.com/Ghana
