The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says it is difficult to conclude that existing punishments for digital financial fraud are enough to deter offenders.
Speaking in a documentary ahead of the maiden Digital Economy Forum, Mr Asare said fraudsters often weigh the risk of being caught against the potential gains before targeting victims through mobile money, banking apps and other digital payment platforms.
“It is very difficult for me to say that the deterrence is enough,” he said, explaining that fraudsters can use the same tactics to steal anything from hundreds to thousands of cedis.
He argued that Ghana must do more to publicise convictions and punishments for digital financial crimes to send a clear message to would-be offenders.
“We need to make examples of them so that people know the consequences of committing digital financial crimes,” he said.
Mr Asare noted that while existing criminal laws provide for the prosecution of fraudsters, stronger enforcement and greater public awareness are needed to discourage others from engaging in such crimes.
His comments come as digital fraud continues to rise across Ghana’s financial sector.
According to the Bank of Ghana’s 2024 fraud report, banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023. The total value at risk also increased by 13%, from GH¢88 million to about GH¢99 million.
Payment service providers alone recorded 15,673 fraud cases, with the value at risk rising to GH¢19 million.
The report also revealed that recovering stolen funds remains a major challenge. Of the GH¢83 million at risk in banks and specialised deposit-taking institutions, only GH¢3 million was recovered, leaving roughly GH¢80 million unrecovered.
Mr Asare said prevention is just as important as prosecution, noting that many fraud cases involve social engineering, where criminals trick customers into revealing one-time passwords (OTPs), PINs and other sensitive information.
“How do you prevent someone who willingly gives their OTP and PIN to a fraudster posing as a service provider?” he asked.
The Bank of Ghana has directed banks, payment service providers and other financial institutions to strengthen authentication systems, improve customer education, enhance fraud monitoring and work closely with law enforcement to investigate and prosecute digital financial crimes.
