Gh¢244.32m fraud hits banks, others

-From 1,001 fraud incidents reported by banks in 2016
-Public also filed additional 1,529 complaints

The total monetary value involved in all reported fraud cases by financial institutions, both successful and attempted, for the year 2016 amounted to approximately GH¢244.32 million.

The amount constitutes 1,001 fraud incidents in 2016 reported to the Bank of Ghana (BoG). 
The bank investigated and analysed fraud and defalcation reports received from financial institutions. 
These cases were received from universal banks, Non–Bank Financial Institutions (NBFIs), and Rural and Community Banks (RCBs).
This is contained in the 2016 annual Payment Systems Oversight report published by the BoG. 
Main fraud cases
The main fraud cases reported were suppression of customer accounts by staff of financial institutions, card fraud, forgery and alteration of documents, manipulation of accounts, and negotiable instruments. 
Others included fraudulent collection of international remittances by persons not named as recipients, transactions involving cloned and stolen cheque, and fraudulent transfers through hacked email accounts, the report added.
1,529 Complaints from general public
The report also revealed that a total of 1,529 complaints were received from the general public with respect to banking business. 
1,362 Cases against Non-Bank Financial Institutions
Out of this total, the report said 1,362 cases were complaints made by customers of Non-Bank Financial Institutions, especially microfinance institutions.
27 Complaints against Rural and Community Banks
Twenty complaints were received from customers of Rural and Community Banks.
140 Complaints against universal banks 
According to the report, the remaining 140 cases were reports from customers of universal banks and other financial institutions.
Types of complaints against banks 
BoG explained that the complaints received from the public covered aspects of banking service delivery such as unauthorised withdrawals from customer accounts, especially through internet banking, payment of international remittances to persons other than the intended beneficiaries, and ATM-related disputes. 
50% of Complaints about non-payment of customers’ investments upon maturity
The report also revealed that complaints against financial institutions, particularly NBFIs and microfinance companies, which failed to pay customers’ investments upon maturity accounted for more than 50 per cent of the complaints received in 2016.
According to BoG, the complaints were investigated, with outcomes, decisions or rulings made communicated to the aggrieved parties. 
The bank continued to monitor the implementation of its decisions on complaint issue until final resolution is achieved.

By Elvis DARKO, Accra

ABOUT: Nana Kwesi Coomson

[email protected]

An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

View all posts by: Nana Kwesi Coomson  

Leave a Reply

Your email address will not be published. Required fields are marked *

ABOUT 233TIMES

233times is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.

233times reports on major events,news covering entertainment, politics, sports, business, technology, etc from within Ghana, Africa and beyond.

We have a platform for the amateur artistes to portray their staggering talents ...more...

CONTACT US

For further enquiries, please contact us via our contact us page link: CONTACT

WE ON SOCIAL MEDIA. FOLLOW US


To advertise with us or make enquiries, please visit 233times.net/advertise or call Selorm (Selorm) | Selorm (Nana Kwesi)