Eastern region: The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has cautioned that financial fraud associated with digital transactions has skyrocketed, with reported cases increasing by 98% from 2022 to 2025. Although fraud incidents within traditional banking systems have decreased, the broader financial sector has seen a surge from 16,733 cases in 2024 to 24,778 in 2025, marking a 48% rise.
According to Ghana Web, Asante-Asiedu, speaking at the 2026 Committee for Co-operation between Law Enforcement Agencies and the Banking Community (COCLAB) Technical Committee workshop, noted that the rise in digital fraud highlights a significant shift in the financial crime landscape. She emphasized the necessity for a strategic and mindset shift to effectively address this growing threat.
Asante-Asiedu underscored the importance of treating cybersecurity as a comprehensive concern for the entire financial sector, noting the interconnectedness of banks, fintech companies, and payment service providers. She stated that a fraud incident could impact the entire financial ecosystem, affecting various types of transactions, including mobile money and fintech operations.
To safeguard public trust in digital transactions, Asante-Asiedu called for enhanced collaboration between financial institutions and law enforcement agencies. Stressing that trust is critical to the financial sector, she urged COCLAB members to work together to maintain and protect public confidence.
She highlighted the success of COCLAB's collaborative efforts in disrupting fraud syndicates, recovering misappropriated funds, and supporting investigations. This includes the arrest of 430 individuals, among them three foreign nationals, for illegal online operations in Accra, and the conviction of a bank employee for embezzling GHS1.2 million.
Asante-Asiedu concluded by emphasizing the need for authorities to stay ahead of fraudsters by implementing proactive and coordinated measures, noting that fraudsters often stay several steps ahead in developing new schemes. The financial sector must adopt strategic and results-driven interventions to counteract these threats effectively.