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Cyber fraud cases in the banking industry have increased by 41.66 per cent from 1002 cases in 2016 to 1418 cases in 2017, the Bank of Ghana has disclosed.
Out of the number, 51.2 percent of the incidents were recorded in the non-banking financial institution sector.

According to the Bank of Ghana, the fraud incidents in the non-banking financial institution sector were committed mainly by internal staff and contract staff.

About 90 per cent of the non-banking financial fraud incidents were related to cash suppression usually committed by internal staff and contract staff.

This as made known at a seminar on cyber crime in the banking sector Thursday morning at Senchi.

According to the BoG the total value reported for fraud or attempted fraud amounted to approximately Ghc190.4 million and that 84 percent was recovered while 16 per cent, Ghc30.1 million were reported to have crystallized as loss.