Fraud cases reported across Ghana’s financial sector increased by 48% in 2025, with digital scams emerging as the biggest driver of the surge, according to the Bank of Ghana’s (BoG) 2025 Financial Stability Review.
The central bank said the sharp increase reflects the growing sophistication of cybercriminals as more consumers and businesses embrace digital banking and electronic payment platforms.
Despite the rise in reported cases, the BoG noted that the overall value of financial losses declined compared with the previous year, indicating that stronger fraud detection systems and improved recovery efforts helped limit the financial impact on institutions.
Digital Fraud Dominates Reported Cases
The Financial Stability Review identified digital channels as the main source of fraudulent activity during the year.
According to the BoG, fraudsters increasingly targeted customers and financial institutions through online banking platforms, mobile money services and electronic payment systems.
The report also highlighted phishing attacks, identity theft, social engineering schemes and account takeover attempts as some of the most common methods used by criminals.
The central bank warned that the rapid growth of digital financial services has expanded opportunities for fraud, making stronger cybersecurity measures more important than ever.
In response to the growing threat, the Bank of Ghana called on banks, specialised deposit-taking institutions and payment service providers to reinforce their cybersecurity systems.
The regulator encouraged financial institutions to invest in advanced fraud detection technology, strengthen customer authentication processes and improve staff training to reduce operational risks.
The report also stressed the importance of continuously monitoring digital transactions to detect suspicious activity before significant losses occur.
Public Awareness Remains Key
The Bank of Ghana said customer education remains a critical part of the fight against financial fraud.
Consumers were advised to protect personal banking information, avoid sharing one-time passwords (OTPs) and verification codes, and remain cautious when responding to unsolicited phone calls, emails or text messages requesting financial details.
The regulator also urged customers to report suspicious transactions promptly to their banks or payment service providers.
Ghana’s financial sector has experienced rapid digital growth in recent years, driven by increased use of mobile money, internet banking and electronic payment solutions.
While these innovations have improved financial inclusion and convenience, the BoG said they have also created new opportunities for cybercriminals to exploit weaknesses in digital systems.
The central bank emphasised that maintaining public confidence in digital financial services will require continued investment in cybersecurity infrastructure and stronger collaboration between regulators and financial institutions.
BoG Calls for Continued Vigilance
The Financial Stability Review concludes that protecting Ghana’s financial system from evolving cyber threats will require coordinated efforts by regulators, financial institutions and customers.
As digital transactions continue to grow, the Bank of Ghana says strengthening cyber resilience and fraud prevention measures will remain a priority for safeguarding the country’s financial stability.
