Digital Financial Fraud Surges By 98% Between 2022 and 2025 – Bank of Ghana

The Bank of Ghana (BoG) has revealed that fraud cases in Ghana’s digital financial ecosystem surged by 98% between 2022 and 2025, a development it says underscores the growing risks that come with the rapid adoption of digital payments.

According to the Central Bank, total fraud incidents in the financial sector increased from 16,733 in 2024 to 24,778 in 2025, representing a 48% rise year-on-year.

Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, who disclosed this, said the sharp increase is being driven largely by digital transactions, at a time when fraud in the traditional banking system is on the decline.

She noted that the trend signals a major shift in the financial crime landscape, with criminals increasingly targeting digital channels as more Ghanaians move to electronic payments.

“Between 2022 and 2025, fraud incidents in the digital space increased by 98%, confirming again that criminal activity is also following the growth in digital transactions,” Mrs. Asante-Asiedu stated.

Speaking at the opening of a technical committee workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB) at the Royal Senchi in the Eastern Region, she said the development requires a new approach to fighting financial crime by regulators, financial institutions and law enforcement agencies.

Mrs. Asante-Asiedu cautioned that the threat goes beyond fintechs and Payment Service Providers (PSPs), because their operations are interconnected with banks and the broader financial system.

“It’s not just a challenge for a PSP. Because think about it, a PSP’s account sits with a bank. And so if that fraud incident happens, it transcends one institution and it affects the entire financial ecosystem,” she explained.

She called on COCLAB members to enhance intelligence sharing, investigations, prosecutions and public education to curb the menace, stressing that the effectiveness of their efforts should be measured by a drop in fraud cases and improved customer protection.

“We should be so efficient that when the fraudster begins to think through their next move, they’ll also think, gosh, what if these people arrest me?” she added.