The Graphic online.com on Wednesday, June 2926, quoted the Chief Executive Officer of Stanbic Bank Ghana, Kwamina Asomaning, as saying that rising digital fraud is steadily eroding public confidence in Ghana’s financial system and called for stronger collaboration among banks, fintech companies, telecommunication firms, regulators and law enforcement agencies to fight the crime.
According to him, fraudsters are increasingly deploying sophisticated methods including phishing attacks, SIM-swap fraud, account takeovers and social engineering schemes to target customers and financial institutions.
He stressed that while financial losses remain a concern, the greater danger is the damage fraud causes to public trust in banking and digital financial services.
In our view, the concerns raised by Mr Kwamina Asomaning should not be taken lightly. Fraud is no longer merely a criminal act that results in financial losses for individuals and institutions; it has become a threat to the trust that underpins Ghana’s growing digital economy.
According to the Cyber Security Authority (CSA), Ghana lost more than GH¢19 million to cybercrime between January and September 2025, representing a 17 per cent increase over the same period in 2024. During the same period 2,008 cyber incidents were recorded, a 52 per cent increase, with online fraud accounting for more than one-third of all reported cases.
The Bank of Ghana’s 2024 Fraud Report paints an equally worrying picture. Reported fraud cases across banks, specialised deposit-taking institutions and payment service providers rose to 16,733 in 2024, while the value at risk climbed to nearly GH¢100 million. Particularly alarming was the sharp increase in identity theft-related losses, highlighting the growing sophistication of fraudsters and the vulnerabilities within Ghana’s rapidly expanding digital financial ecosystem.
These figures should concern every stakeholder in the financial sector. Behind every fraud statistic is a victim whose confidence in digital transactions has been shaken. Across the country, reports of fraudulent mobile money calls, fake promotions, phishing messages, impersonation schemes and unauthorised access to accounts have become all too common. Many Ghanaians have either personally experienced such fraud or know someone who has fallen victim to it.
This is why the conversation must move beyond the monetary losses involved. Trust is the foundation of every financial transaction. Whether a person deposits money in a bank account, transfers funds through a mobile money wallet or conducts business through a digital platform, the transaction is based on the belief that the system is secure. Once that confidence begins to weaken, participation declines and the broader economy suffers.
The Chronicle acknowledges the significant progress Ghana has made in expanding financial inclusion through digital innovation. Mobile money, digital banking services and fintech platforms have transformed the way millions of Ghanaians save, transact and access financial services. These innovations have helped bring many previously unbanked citizens into the formal financial system and have contributed significantly to economic activity. However, digital inclusion alone is not enough. It must be accompanied by digital trust.
As we continue to develop its Digital Public Infrastructure (DPI), including digital identity systems, interoperable payment platforms and integrated digital services, security and trust must remain at the centre of policymaking. The success of these initiatives will depend not only on technological advancement, but also on the confidence citizens have in the systems being built. No digital economy can thrive if people fear becoming victims every time they conduct an electronic transaction.
The responsibility for addressing this challenge cannot rest on one institution alone. The Bank of Ghana, the Cyber Security Authority, the Economic and Organised Crime Office (EOCO), the Ghana Police Service, telecommunications companies, banks, fintech firms and payment service providers must strengthen collaboration and information-sharing to combat financial fraud. Fraudsters operate across multiple platforms and sectors, making a coordinated response essential.
There is also the need for stronger enforcement. Criminals who exploit technology to defraud citizens must be investigated, prosecuted and punished swiftly. Public confidence is strengthened when people see that offenders are being held accountable. At the same time, financial institutions and telecom operators must continue investing in stronger verification systems, real-time fraud detection technologies and customer protection measures.
These are some of the ways, in our view, Ghana can use to fight the crime.
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