BoG: digital financial fraud surged 98% in three years

The Bank of Ghana has raised concern over the sharp escalation of financial crime in the country’s digital economy, warning that fraud incidents have nearly doubled in just three years.

Second Deputy Governor Matilda Asante‑Asiedu revealed that reported cases across the financial sector jumped from 16,733 in 2024 to 24,778 in 2025, a 48 percent rise in a single year. She noted that the surge was driven largely by electronic transactions, even as fraud within traditional banking channels showed signs of decline.

“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.

Addressing participants at the opening of a COCLAB technical committee workshop at the Royal Senchi in the Eastern Region, Mrs. Asante‑Asiedu explained that criminals are adapting quickly to Ghana’s expanding digital payment systems, following customers into mobile money and online platforms.

She cautioned that the risks are systemic, stressing that payment service providers are not isolated from the wider financial network.

“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.

The Deputy Governor underscored the growing sophistication of fraudsters and urged regulators, banks, and law enforcement agencies to intensify collaboration. She called for stronger intelligence sharing, more effective investigations and prosecutions, and heightened public awareness campaigns.

“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 argued that success should be measured not only by arrests but by a visible reduction in financial crime and greater protection for consumers.

“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 added.

The Bank of Ghana’s latest figures highlight the urgent need for proactive defenses as Ghana’s financial system becomes increasingly digital, and increasingly vulnerable.

Source: CNR