Key takeaways.
1) Fraud in Ghana is evolving from high-volume cases to fewer but higher-value financial losses.
2) Document manipulation and forgery remain the most financially damaging fraud trend in the sector.
3) Identity theft and synthetic fraud are becoming more sophisticated and harder to detect.
4) Insider fraud poses a serious risk because it exploits internal trust and system access.
5) Strengthening fraud prevention requires real-time monitoring, strong KYC processes, employee oversight, and continuous fraud detection systems.
Introduction.
In 2024, Ghana's financial sector faced a rise in fraud threats, with 16,733 cases, risking GH¢99 million (up 13%). According to the Bank of Ghana, attempted fraud cases within the banking and Specialised Deposit-Taking Institution (SDI) sectors dropped significantly by 59%. However, despite the decline in volume, the total financial losses increased by 29%, reaching GH¢72 million.
This rise in loss value was largely driven by high-value foreign currency fraud incidents. When these amounts were converted into Ghana cedis, they substantially increased the overall reported losses for 2023.
As digital transactions grow in 2026, fraudsters are becoming more strategic and technologically advanced. For financial institutions, understanding what the top fraud trends in 2026 are is one vital step to staying ahead of fraud in the Ghana market.
In this article, we will be discussing what fraud is and the top 5 fraud trends businesses in Ghana should watch out for in 2026.
What is fraud?
Fraud refers to any intentional act of deception or dishonesty carried out for personal gain, usually financial, or to cause harm to another person. In the financial sector, fraud involves identity theft and manipulating systems or transactions to commit illegal activities.
It involves knowingly misrepresenting the truth, concealing material facts, or acting unethically to secure money, property, or unauthorised benefits.
In Ghana today, fraud has evolved into complex financial schemes that target banks, fintech companies, and everyday customers.
The Changing Fraud Landscape in Ghana
In Ghana, the increase in digital adoption has also brought about a rise in vulnerability to fraud. The growth of mobile money, online banking, and APIs has increased the attack surface.
In some instances, mobile money APIs have suffered broken authentication, enabling unauthorised access to balances/transfers; merchant exploits like unvalidated callbacks leak data.
This development has caused growing pressure on institutions regulated by the Bank of Ghana to improve their compliance, KYC, and monitoring systems.
5 fraud trends to watch out for in 2026.
Here are the top 5 fraud trends businesses should watch out for in 2026:
1) Document Manipulation and Forgery.
As of 2025, forgery and document manipulation remain the most valuable forms of fraud in the Ghanaian financial industry. Unlike other forms of fraud, this is often associated with large and well-planned transactions that lead to substantial financial losses.
This form of financial fraud usually involves the use of forged documents, such as forged identity cards, forged bank statements, forged payslips, forged business registration certificates, or forged collateral documents, to access credit facilities or withdraw money fraudulently.
How does document forgery work?
Fraudsters use their expertise to forge or create documents that look genuine during loan transactions, account openings, or business transactions. In some instances, they take advantage of weak verification processes or work together as insiders to evade compliance procedures.
However, with the increasing sophistication of fraudsters, effective fraud prevention should therefore involve the verification of digital documents, biometric verification, database verification, and constant surveillance.
While forgery and document fraud may not always hit the headlines like cybercrime, in terms of monetary loss, it is one of the most perilous fraud trends that financial institutions in Ghana must be aware of.
2) Identity theft & synthetic fraud.
Another fraud trend to look out for is synthetic fraud. Fraudsters can now create synthetic identities; that is, they combine real and fake information to open accounts, access loans, or move illicit funds. Unlike traditional identity theft, these profiles can appear legitimate for months before detection.
Identity theft is dangerous and costly to financial institutions and also customers because it can lead to loan defaults, increase money laundering, and much more, exposing institutions to compliance penalties.
3) Insider Fraud
Insider fraud happens when employees and staff of financial institutions use their privilege to the internal system to commit fraud and illegal activities.
Insider fraud is one of the most damaging forms of financial fraud because it exploits internal trust.
Employees can manipulate transaction approvals, override compliance checks, or even collude with external fraudsters to perform criminal activities.
To reduce risk, institutions must implement role-based access controls, behavioral monitoring, and regular audits of employees' and institutions' records.
4) Mobile Money Fraud
Mobile money fraud is a type of financial fraud that targets users of mobile payment platforms to illegally access funds or sensitive account information. Mobile money fraud continues to rise, particularly in the form of remittance fraud and fraudulent transfers.
With millions of Ghanaians relying on mobile money for daily transactions, fraudsters are exploiting trust, urgency, and social engineering tactics to manipulate victims. Some common tactics of mobile money fraud include phishing messages pretending to be mobile network operators and impersonation of customer care representatives
As mobile money adoption continues to grow, institutions must strengthen both fraud prevention frameworks and customer awareness efforts to stay ahead.
5) ATM, POS & Card Fraud
ATM, POS, and card-related fraud cases have nearly doubled in recent years, making this one of the fastest-growing fraud categories in Ghana’s financial sector.
With the increases of card usage across retail stores, online platforms, and ATM withdrawals, fraudsters are finding new ways to exploit vulnerabilities of customers in payment systems.
ATM or card fraud can happen when fraudsters either skim cards at ATMs and POS terminals or steal card details used for unauthorized online transactions.
As digital payments expand, protecting card channels must remain a top priority for financial institutions.
Conclusion.
The level of sophistication and cost of fraud in Ghana is increasing. Although the growth of digital technology has enhanced access to finance, it has also opened up new avenues for fraudsters.
From the forgery of documents to mobile money and card fraud, the threats are changing rapidly. Financial institutions must move beyond reactive controls and adopt proactive, fraud prevention measures that can keep pace with evolving criminal tactics
At Youverify, we help financial institutions strengthen KYC, AML compliance, identity verification, and real-time fraud detection, enabling proactive fraud prevention while maintaining full regulatory compliance. To remain at the forefront in 2026, financial institutions need to go beyond the current level of checks and implement more robust fraud prevention, monitoring, and detection solutions.
Want to know more about fraud prevention and AML compliance? Talk to our compliance team.
FAQ’s
1) What are the latest fraud trends?
The latest fraud trends in 2026 are largely technology-driven and more sophisticated than ever. They include:
1) Document manipulation and forgery
2) Synthetic identity fraud
3) Mobile money fraud
4) ATM, POS, and card fraud
5) Insider fraud
2) What are the top 3 types of fraud?
While fraud exists in many forms, the top three common types in the financial sector are:
1) Identity Fraud: Using stolen or synthetic identities to open accounts or access loans.
2) Payment Fraud: Includes mobile money fraud, ATM fraud, card fraud, and unauthorized transfers.
3) Document Forgery: Falsifying identification, bank statements, or business documents to gain financial benefits.
3) What are the 4 P’s of fraud?
The 4 P’s of fraud are commonly used to explain how fraud occurs:
1) Pressure.
2) Perceived Opportunity
3) Rationalisation
4) Personal Integrity.