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.
Twenty complaints were received from customers of Rural and Community 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.
Source: The Finder