Digital Fraud Surge Puts Ghana’s Financial Sector on Alert

 

Ghana’s financial sector is facing rising cyber fraud as more customers and businesses rely on digital platforms for payments and other financial services, the Cyber Security Authority (CSA) has warned.

The warning was issued at the launch of the 2026 National Cyber Security Awareness Month, which runs from October 1 to 31.

The campaign, organised by the CSA and its public and private sector partners, is being held under the theme, “Securing Ghana’s Digital Finance Ecosystem: Building Trust Through Collaboration and Cyber Resilience.”

CSA Director General, Divine Selase Agbeti, said fraud cases recorded across banks, specialised deposit taking institutions and payment service providers rose by 48%, from 16,733 in 2024 to 24,778 in 2025.

Electronic fraud incidents within the payment service provider segment also increased by 54% over the same period.

The CSA recorded 3,876 cybersecurity incidents between January and July 2026, with online fraud accounting for about 47% of the cases.

Mr Agbeti said businesses needed to treat cybersecurity as a responsibility to their customers and not only as a regulatory requirement.

“Cybersecurity cannot remain a compliance exercise done solely for the regulator, a technology project dedicated solely to the IT department, or an expense deferred until after an incident,” he said.

CSA warns financial institutions

The CSA Director General urged banks, fintech companies, payment service providers, insurers and merchants to use cybersecurity services provided by companies licensed or accredited by the Authority.

He warned that the CSA would take action against institutions and service providers that failed to meet cybersecurity requirements and put the public at risk.

Ghana Association of Banks Chief Executive Officer, John Awuah, said banks were working with the Bank of Ghana, the police and the CSA to share information on fraud cases and methods being used by criminals.

He also urged customers to take steps to protect their personal security information.

“An informed customer is a secure customer, and it takes two to tango in a fight against fraud,” he said.

Cybercrime arrests increase

Director General of the Criminal Investigation Department, COP Lydia Yaako Donkor, said law enforcement agencies were intensifying efforts to tackle cybercrime.

She said a joint operation by the CID and CSA in the Tema area resulted in 39 arrests.

An Interpol coordinated operation also resulted in 68 arrests, the seizure of 835 devices and the identification of 108 victims. More than US$450,000 in losses were traced in the operation.

COP Donkor urged individuals and businesses to report cybercrime quickly and preserve evidence to assist investigations.

Digital expansion brings new risks

CalBank Chief Risk Officer, Sadiq Atta, said the growth of digital financial services was creating new business opportunities while increasing exposure to cyber risks.

He said digital innovation should continue, but security measures must grow alongside it.

Deputy Minister for Communication, Digital Technology and Innovations, Mohammed Adams Sukparu, said the campaign would focus on five areas: securing Ghana’s digital finance ecosystem; cybercrime prevention and response; cyber resilience and critical infrastructure protection; cyber hygiene and digital safety; and capacity building, research and multi stakeholder collaboration.

The campaign brings together regulators, financial institutions, law enforcement agencies, technology providers, academia, the media and the public as part of efforts to strengthen Ghana’s response to cyber threats.