The Cyber Security Authority (CSA) has revealed that online fraud accounted for nearly half of all cybersecurity incidents recorded in Ghana between January and July 2026, as the rapid expansion of digital financial services exposes citizens and businesses to escalating cyber-enabled crime.
The national Computer Emergency Response Team (CERT-GH) recorded 3,876 cybersecurity incidents during the seven-month period, with 1,818 cases—representing approximately 47 percent—linked to online fraud, CSA Director-General Divine Selase Agbeti disclosed at the launch of the 2026 National Cyber Security Awareness Month in Accra.
Speaking at the event, which was held under the theme “Securing Ghana’s Digital Finance Ecosystem: Building Trust Through Collaboration and Cyber Resilience,” Agbeti warned that the convenience and opportunities created by digital finance were being matched by growing cybersecurity risks .
“Behind each figure is a citizen, family, merchant or institution that may have suffered financial loss, disruption, emotional distress or reputational damage,” he said .
Bank of Ghana Report Shows Fraud Cases Surging 48%
Citing the Bank of Ghana’s 2025 Fraud Report, Agbeti noted that reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) increased by 48 percent—from 16,733 cases in 2024 to 24,778 in 2025—with approximately GH¢101 million identified as being at risk .
The Director-General highlighted that the payment service provider sector presented the most significant challenge. Electronic fraud incidents in the sector rose by 54 percent, while the value at risk nearly doubled by 95 percent, from GH¢19 million to GH¢37 million .
According to the Bank of Ghana, fraud activity has “progressively migrated towards the PSP sector,” closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users .
Over a four-year period from 2022 to 2025, total fraud cases increased steadily from 15,164 to 24,778, while aggregate value at risk rose from GH¢82 million to GH¢101 million .
The Human Cost of Cybercrime
Agbeti stressed that cybercrime poses a direct threat to public confidence in the financial system, warning that trust—the cornerstone of digital finance—was increasingly under siege.
“Once customers believe that a mobile money wallet can be emptied without recourse, that an online merchant may be fraudulent, that a bank transfer can be diverted, or that personal data can be abused without consequence, confidence erodes,” he stated .
The Director-General noted that global and local data suggested digital adoption was accelerating faster than cybersecurity awareness and protective measures, with many mobile phone users still failing to employ basic security measures such as password protection .
Cybersecurity a Board-Level Governance Obligation
Agbeti urged financial institutions, fintech firms, payment service providers, insurers and merchants to treat cybersecurity as a board-level responsibility rather than merely an IT or regulatory issue.
“Cybersecurity cannot remain a compliance exercise done solely for the regulator or a technology project delegated solely to the IT department. It is a board-level governance obligation and an operational resilience requirement,” he said .
The CSA Director-General called on organisations to strengthen identity and access management systems, implement multi-factor authentication, conduct regular vulnerability assessments, secure customer information and improve incident response capabilities .
AI Enabling More Sophisticated Scams
Agbeti warned that advances in artificial intelligence were enabling more sophisticated cybercrime techniques, including voice cloning, impersonation and social engineering attacks .
Bank of Ghana officials have similarly noted that fraudsters increasingly rely on psychological manipulation rather than complex technical hacking to steal funds. Eric Cab-Beyuo, Head of the Fraud Investigations and Reporting Unit at the BoG, recently explained that scammers use manipulative methods such as fake phone calls and deceptive SMS alerts to trick users into revealing sensitive information .
The Bank of Ghana has urged mobile money users to remain alert to common warning signs and to distinguish between genuine service alerts and those designed to facilitate financial loss .
Law Enforcement Successes and Challenges
The launch event also highlighted recent law enforcement successes in tackling cybercrime. Director-General of the Criminal Investigations Department (CID), COP Lydia Yaako Donkor, revealed that a joint CID and CSA operation in the Tema area resulted in 39 arrests. A separate joint Interpol-coordinated operation led to 68 arrests, the seizure of 835 devices, the identification of 108 victims and the tracing of more than $450,000 in losses .
“Cybercrime may be borderless, but criminals are not beyond reach,” Donkor said, while urging the public and institutions to report incidents promptly and preserve evidence .
However, challenges remain. The BoG’s 2025 Fraud Report indicated that banks and SDIs recovered only 5 percent of the total fraud value at risk—approximately GH¢3.7 million recovered out of GH¢68.2 million exposed—leaving losses of about GH¢64.5 million .
A Call for Collaboration
Agbeti called for stronger collaboration among regulators, financial institutions, telecommunications operators, law enforcement agencies and the public to combat cyber-enabled fraud. He stressed the importance of timely incident reporting, intelligence sharing and coordinated responses, noting that criminals often took advantage of delays and weak cooperation among institutions .
Ghana Association of Banks Chief Executive Officer, John Awuah, reinforced this message, emphasising the shared responsibility between financial institutions and customers.
“An informed customer is a secure customer, and it takes two to tango in a fight against fraud,” Awuah said, adding that strong institutional safeguards could still be undermined when customers disclose personal security information .
The CSA has urged the public to exercise caution with platforms promising unusually high returns, refrain from engaging with unsolicited messages, and verify the legitimacy of investment opportunities through official channels. Recent reports indicate that fraudulent online investment schemes alone accounted for 352 cases in the first half of 2026, with financial losses amounting to GH¢3.4 million .
“No institution should wait to become a victim before taking cybersecurity seriously,” Agbeti warned. “Ghana’s digital finance future will be shaped not only by how quickly we innovate, but also by how safely we do so” .
