• The Bank of Ghana recorded 24,778 fraud cases in 2025, up from 16,733 in 2024, with the total value at risk increasing to GH¢101 million.

• Cash suppression, forgery, e-money fraud, fraudulent withdrawals and burglary were the five most costly fraud types affecting banks and Specialised Deposit-Taking Institutions in 2025.

• Mobile money and other digital payment platforms accounted for more than 97 per cent of reported fraud cases, prompting calls for stronger customer awareness and faster reporting of suspicious transactions.

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The findings are contained in the Bank of Ghana’s 2025 Fraud Report, which covers banks, Specialised Deposit-Taking Institutions (SDIs), including rural banks and savings and loans companies, as well as Payment Service Providers (PSPs) such as mobile money operators.

According to the report, reported fraud cases rose from 16,733 in 2024 to 24,778 in 2025, while the total value at risk increased from GH¢99 million to GH¢101 million.

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Looking at the broader trend, fraud has continued to rise steadily over the past four years, increasing from 15,164 cases in 2022 to 24,778 in 2025. The value at risk also climbed from GH¢82 million to GH¢101 million.

The central bank attributed much of the increase to mobile money and other digital payment platforms. Fraud within the PSP sector nearly doubled over the four-year period, while traditional banks and SDIs recorded fewer fraud cases and lower financial losses, suggesting fraudsters are increasingly exploiting digital channels as mobile money adoption grows.

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Below are the five types of fraud that caused the greatest financial losses for banks and SDIs in 2025.

Loss in 2025: GH¢42.43 million

Cash suppression was the costliest fraud recorded during the year. It occurs when employees steal cash and manipulate accounting records to conceal the theft, making the money appear to have been properly accounted for.

Losses increased sharply from GH¢3.87 million in 2024 to GH¢42.43 million in 2025, largely due to one case involving GH¢36 million. Rural and Community Banks recorded the highest number of cases within the SDI sector, while the Bank of Ghana said most offenders were employees. Of the 219 staff members implicated in fraud during the year, 139 were linked to cash theft and cash suppression.

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Loss in 2025: GH¢5.26 million

This type of fraud involves criminals creating or altering documents such as cheques, loan agreements, payment instructions or customer records to obtain money or approve transactions illegally.

Losses rose to GH¢5.26 million in 2025. Specialised Deposit-Taking Institutions were particularly affected after one institution recorded a single forgery-related loss of GH¢4.1 million, demonstrating how a major incident can significantly affect sector-wide figures.

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Loss in 2025: GH¢4.89 million

E-money fraud targets digital financial services, including mobile money wallets, internet banking and electronic payment platforms.

Fraudsters often impersonate bank or telecom staff, trick customers into revealing their PINs or One-Time Passwords (OTPs), carry out SIM swap attacks or send fake payment links that give them access to victims’ accounts.

Losses across banks and SDIs reached GH¢4.89 million in 2025, with banks alone recording a 32 per cent increase compared with the previous year.

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Loss in 2025: GH¢3.97 million

Fraudulent withdrawals occur when money is taken from a customer’s account without authorisation. This may happen through stolen ATM cards, compromised online banking credentials, cloned cards or information obtained through phishing and social engineering scams.

Losses in banks more than doubled from GH¢1.82 million in 2024 to GH¢3.97 million in 2025, making it one of the fastest-growing forms of financial fraud.

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Loss in 2025: GH¢2.92 million

Although cybercrime continues to dominate fraud trends, physical attacks on financial institutions remain costly.

Burglary involves criminals breaking into bank branches or financial institutions to steal cash, equipment or sensitive documents. In 2025, burglary resulted in losses of GH¢2.92 million, including GH¢1.74 million in banks and GH¢1.18 million in SDIs.

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While the top five fraud categories above relate to banks and SDIs, mobile money operators and other PSPs accounted for the overwhelming majority of reported fraud cases nationwide.

Fraud cases within the PSP sector rose from 15,673 in 2024 to 24,124 in 2025, representing a 54% increase. The value at risk also surged from GH¢19 million to GH¢37 million.

According to the Bank of Ghana, the growth reflects the rapid expansion of digital financial services, coupled with fraudsters exploiting users with limited knowledge of online security.

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Recovering stolen funds remains a major challenge.

Banks and SDIs recovered only about GH¢3.7 million in 2025, representing just 5% of the GH¢68.2 million linked to fraud. Even after recoveries, financial institutions still recorded losses of GH¢64.5 million, highlighting the importance of preventing fraud before it occurs.

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Anyone who notices suspicious account activity, an unauthorised withdrawal, a SIM swap notification or missing funds should immediately contact their bank or mobile money provider to freeze the affected account.

• Victims should also report incidents to the Ghana Police Service, particularly the Cybercrime Unit, if the case involves online fraud, identity theft or SIM swap attacks. Reporting the incident promptly increases the chances of recovering stolen funds and supports criminal investigations.

• The Bank of Ghana also advises customers never to share their PIN, One-Time Password (OTP) or banking details with anyone claiming to represent a bank or telecom provider.

• Regularly monitoring account statements and transaction alerts can help customers detect fraudulent activity before significant losses occur.

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The central bank says combating fraud will require sustained collaboration between financial institutions, regulators, law enforcement agencies and customers to safeguard Ghana’s increasingly digital financial system.