The year 2023 saw an increase in staff involvement in fraudulent activities recorded in Banks and Specialized Deposit-Taking Institutions (SDIs) across Ghana. The number, which stood at 188 in 2022, rose to 274 which represent a percentage increase of forty-six per cent (46%). This is according to the 2023 Banks, Specialized Deposit-Taking Institutions (SDIs) and Payment System Providers (PSPs) Fraud Report put together by the Financial Stability Department of the Bank of Ghana. The central bank has thus expressed concern about the increased number and directed banks to strengthen their internal controls and enhance staff due diligence during recruitment as well as “reinforcing continuous in-house staff training on professional conduct.” The Report further identified a ninety percent(90%) increase in the value of e-money transactions and an increase of thirty-six per cent (36%) in the volume of e-money transactions from 2022 to 2023.On PSP activity-related fraud, the report indicates that the incidents reported are primarily social engineering methods deployed by fraudsters. It states specifically that the number of electronic fraud rose from 12,166 in 2022 to 14, 655 in 2023 representing a twenty percent (20%) increase. Surprisingly, the Report recorded a corresponding monetary loss of GH¢16 million in 2023 compared to GH¢26 million in 2022 despite the twenty percent (20%) increase in incident occurrence last year. Thus in percentage terms, the year 2023 recorded a decline in loss value of thirty-eight per cent (38%) compared to 2022.