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Ghanaians Lose $200M in Three Years from Cyber Fraud

Despite the consistent caution and education on cyber fraud, many people are still falling prey to the activities of criminals through the internet, resulting in the loss of millions of U.S. dollars to businesses and individuals in Ghana.

Last year alone, Ghanaian businesses and individuals lost $97 million to fraudsters. A total of $69 million was lost in 2017 and $35 million in 2016. This year, businesses and individuals have already lost $7.9 million in cyber fraud, according to the Daily Graphic, the official News Website of the Graphic Communications Group Limited, Ghana’s Premiere and Most Credible Media House since the 1950s.

Although the figure for this year is worrying, Assistant Commissioner of Police Gustav Hebert Yankson, the director of the cybercrime unit of the Criminal Investigations Department (CID) of the Ghana Police Service, says the figure is a significant reduction from the $97 million recorded in 2018.

Speaking Oct. 17 at a sensitization workshop on cybercrime and cybersecurity for heads of ministries, departments and agencies in Cape Coast, Yankson said technology had made communication and life much more easier for people but it was also being exploited by others with criminal intentions.

He indicated that there are currently 38 million mobile phones in the country, intimating that Ghanaians ranked ninth in the use of social media worldwide, with the average user spending three hours on social media platforms daily.

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