The top five fraud types recorded in 2023 in terms of loss value are: cash theft (cash suppression), cyber/email fraud, fraudulent withdrawals from accounts, forgery and manipulation of documents and cheque fraud, the Bank of Ghana has said in its 2023 fraud report.

Cash theft emerged as the topmost fraud within the banking space as it recorded a loss value of GH¢14.8 million in 2023 as compared to GH¢1 million in 2022.

It said the spike is because of recorded cases of cash theft in foreign currency and movements in foreign exchange during the reporting year.

This was closely followed by cyber/email fraud with a loss of GH¢10.5 million.

Also, fraudulent withdrawals from accounts recorded a loss value of GH¢8.4 million.

Forgery and manipulation of documents recorded a loss value of GH¢6.9 million in 2023, although it represented a steep 78% decline from the GH¢32 million recorded in 2022.

The last of the top five, which is cheque fraud, recorded a loss value of GH¢6.1 million.