EMPLOYEE THEFT COST BANKS GHS19.1M

The Financial Stability Department of the Bank of Ghana Reports that the involvement of employees of financial institutions in the Country has led to the loss of about GH¢19.1 million in 2018.
It divulged further that, there is a growing number of employees of banks either stealing from customers or from their employers.
The report also stated in 2018 alone, more than 2,170 cases of fraud were reported out of which 1,239 cases were committed by banks’ staff in the form of suppressing cash or deposits from customers.
The 2018 figure of employees’ fraud reported by the central bank shows a 78 percent increase in the 697 cases reported a year earlier.
Commenting on the rising incident of fraud committed by banks’ employees, the central bank noted that: “It is important to stress that about 99 percent of the fraud cases reported as suppression of cash and deposits were perpetrated by staff (either contract or permanent) of the financial institutions.”
“The alarming involvement of staff in the perpetration of fraud in the banking sector calls for significant reforms in the recruitment, remuneration, and disengagement of persons that are engaged by financial institutions.”
In all the Financial institutions lost GH¢44.4 million to all forms of fraud in 2018 while employees related fraud accounted for 42 percent of the total losses.

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