Digital fraud incidents rise 98% between 2022 and 2025 – BoG

The Bank of Ghana reports a staggering 98% increase in digital fraud incidents between 2022 and 2025, according to the Central Bank. This sharp rise coincides with the growing prevalence of digital transactions as more Ghanaians adopt electronic channels for financial activities. Matilda Asante Asiedu, the Second Deputy Governor of the Bank of Ghana, emphasizes that the evolving financial crime landscape necessitates a fundamental shift in strategies and mindsets.

Speaking at the opening of the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (OCLAB), Asante Asiedu stresses the importance of collaborative efforts among financial institutions and law enforcement agencies. She highlights the interconnected nature of digital transactions, such as mobile money and fintech, underscoring the need for joint cooperation to effectively combat fraud.

The Bank of Ghana data shows that while fraud incidents within traditional banking declined, the overall fraud across the financial ecosystem surged from 16,733 in 2024 to 24,778 in 2025, marking a 48% increase. The Second Deputy Governor attributes this to the increasing interconnectedness of the financial sector, where a fraud incident at one institution can have ripple effects across the entire ecosystem.

She cites a successful intelligence-led operation in 2023 that led to the arrest of 430 individuals involved in illegal online activities, including three foreign nationals, as an example of the positive impact of such collaborative efforts. The Bank of Ghana aims to restructure COCLAB, focusing on improved intelligence sharing, investigation, and prosecution outcomes to deter financial criminals.

Asante Asiedu stresses that the effectiveness of these efforts should be measured by concrete results, including reduced financial crimes and increased customer awareness.