Security expert, Adam Bonaa has expressed concern over the increasing bank fraud, stating that blacklisting culprits is insufficient without prosecution.
His comments come after the Bank of Ghana’s annual Fraud Report revealed an alarming increase in fraudulent activities involving bank staff.
According to the report, the number of staff involved in fraudulent activities in banks and Specialized Deposit-Taking Institutions (SDIs) rose from 188 in 2022 to 274 in 2023, marking a 46% increase.
Notably, 211 (77%) of these cases involved cash theft or cash suppression in 2023, compared to 140 (66%) in 2022.
Speaking in an interview on Adom FM’s morning show, Dwaso Nsem Tuesday, Mr Bonaa said the actual situation might be worse due to underreporting.
He attributed part of the problem to the banks’ policy direction concerning their employees.
“If culprits are only blacklisted and not prosecuted, they can continue committing similar fraud using other people in other banks,” he stated.
Mr Bonaa further criticized the reluctance of banks to prosecute offenders to avoid public backlash.
“You barely hear that bankers have been convicted for bank-related fraud because the banks don’t want to have a bad image in public.”
The Security Analyst called for stronger policies to ensure that offenders are brought to justice, warning that shielding fraudulent employees only emboldens criminal behavior in the banking sector.
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