Items filtered by date: August 2021 - Freefmgh.Com

The total value of reported fraud cases in the banking industry witnessed substantial increase last year to hit ¢1.0 billion, data from the Bank of Ghana (BoG) has revealed.

This is compared to ¢115.51million recorded in 2019.

 

According to the Central Bank, the notable increase in the value reported was as a result of high values recorded in attempted correspondent banking fraud (forgery of SWIFT advice).

Though the banking sector did not suffer any losses from any of the correspondent banking fraud attempts, the report said it posed a reputational risk to some banks, whose staff were found culpable in two of the three reported incidents.

However, losses incurred as a result of fraud for 2020 stood at ¢25.40 million, as compared to an estimated loss of ¢33.44 million in 2019, representing a 24.0% decrease.

Also, submission of fraud returns for 2020, recorded a slight improvement. The report said the banks continued to maintain a 100% rate of submissions, whilst the rural and community banking sector recorded a remarkable increase of 75% in the rate of submissions due to administrative sanctions issued against non-submitting banks in the first half of the year.

Again, the report pointed out that submission rate across the Specialised Deposit-Taking institutions will improve marginally if reporting institutions are adjusted to exclude the distressed institutions.

The year 2020, however, recorded 26.4% decrease in the success rate of fraud attempted.

Some fraud types experienced a significant increase in the rate of success, as compared to 2019, while others recorded a remarkable decrease in their rate of success, in comparison with 2019. Fraud types such as ATM/POS fraud, impersonation and remittance fraud recorded significant increases in their rate of success for the period under review.

Staff involvement

The staff involvement in the commission of fraud also experienced a significant increase, especially suppression of cash: 56% of reported fraud cases and 93% of reported cash suppression cases involved staff of the reporting institutions [banks and SDIs].

Also, data recorded over the years shows a persistent trend of staff involvement in fraud.

Despite the numerous notices of caution sounded out to the banking industry, in almost every fraud report issued since 2017, the phenomenon continues to increase.

The steady rise in this phenomenon, the report, said generally could be attributed to the use of poorly remunerated temporary staff, who undergo limited background checks, for sensitive tasks and a lack of corporate governance systems that helps to ensure accountability and fairness and transparency.

E-Money fraud is also beginning to show a steady rise in the count of reported incidents. E-Money related loss accounted for 4.1% of the total fraud related loss incurred in 2020, as compared to a rate of 1.1% recorded in 2019. The proportion of E-Money related fraud incidents reported rose from 0.6% in 2019 to 4.7% in 2020.

 

 

 
 
Published in News

The chop bar operator captured in the viral video on the pavement of the newly commissioned Pokuase Interchange has spoken for the first time.

The 32-year-old Comfort Dartey said her action was due to her quest to raise enough money to cater for her family.

 

She is, therefore, begging for clemency for her husband who was arrested after the video of them pounding fufu on the pavement of the Pokuase Interchange went viral on social media.

“My husband is innocent; please release him. I take full responsibility for my actions,” she cried.

Her 60-year-old father, Kwame Addo, who was the one pounding the fufu, was also picked up by the police.

Madam Dartey said her father was assisting her one-month-old business which was booming before this incident happened.

“I normally prepare all the food in the house and sell by the roadside; I still don’t know why I decided to pound the fufu on the pavement,” she bemoaned.

 

 

Published in News

The chop bar operator captured in the viral video on the pavement of the newly commissioned Pokuase Interchange has spoken for the first time.

The 32-year-old Comfort Dartey said her action was due to her quest to raise enough money to cater for her family.

 

She is, therefore, begging for clemency for her husband who was arrested after the video of them pounding fufu on the pavement of the Pokuase Interchange went viral on social media.

“My husband is innocent; please release him. I take full responsibility for my actions,” she cried.

Her 60-year-old father, Kwame Addo, who was the one pounding the fufu, was also picked up by the police.

Madam Dartey said her father was assisting her one-month-old business which was booming before this incident happened.

“I normally prepare all the food in the house and sell by the roadside; I still don’t know why I decided to pound the fufu on the pavement,” she bemoaned.

 

 

Published in News

Former President John Mahama has incurred the wrath of Constituency Chairman of the New Patriotic Party (NPP) for New Juaben North for claiming that the ruling party cannot be held accountable while in power.

Kwadwo Boateng Agyemang described Mr Mahama as a “chief propagandist” for feeding National Democratic Congress (NDC) supporters with “lies”.

 

Mr Mahama has justified why Ghanaians should not renew the mandate of the NPP ahead of the 2024 general election.

Addressing constituency, branch executives during his ‘Thank you Tour’ of the Upper West Region, he alleged that, government has stolen from the Ghanaian taxpayer, therefore, a vote for the NDC will help expose such acts.

“The NPP has no intention of fighting corruption and so the only way they can be made to account to the people of Ghana is for them to leave office so that the new government will come and audit them and show where they have gone wrong. Otherwise, all the money they have stolen, they will just walk away with it,” Mr Mahama stated.

This position by the former President, according to Chairman Agyemang is “hypocritical”.

In his view, Mr Mahama has no moral right to accuse the Akufo-Addo government of corruption when in fact some of his appointees are standing trial.

“Mahama is desperate for power and we are ready for him,” he said on Asempa FM’s Ekosii Sen programme Wednesday.

 
 

 

Published in Politics

The giant tortoise, one of nature's vegetarians. Or is it?

This video shows the astonishing moment an Aldabra giant tortoise hunts and kills a noddy tern chick.

It's the first time this behaviour has ever been documented and changes what scientists thought they knew about the species.

A study of the slow-speed hunt has been published in the scientific journal Current Biology.

The research was led by Dr Justin Gerlach, director of studies at Peterhouse, Cambridge.

"Everybody knows, or everybody thought they knew, that tortoises are vegetarians," he says.

"Pretty much any herbivorous animal will eat a bit of meat that they come across. It's a bit of free protein. So why wouldn't they do so? But that's just feeding on a bit of carrion. It's not hunting. It's not killing prey. And so this is totally unexpected."

The tern chick fell from a nest in the trees above.

The bird's natural instinct is that the ground is dangerous, so it refuses to leave the top of a log.

But with no escape route, the tortoise is able to corner its prey - albeit very slowly.

Gerlach says the tortoise appears to be an experienced hunter.So it seems to be an aggressive action and it seems to be deliberate. There's nothing very casual about this. So that all adds up to a tortoise that's done this before," he says.

The footage was captured on Fregate Island, a luxury resort in Seychelles.

It was filmed by conservation manager Anna Zora.

She and two volunteers had been counting a particular population of seabirds that live on the island.

By chance, they stumbled across the hunt and Zora immediately knew something special was happening.

"I said, guys, 'look at this tortoise, it's doing something strange," she says.

"It is only when something is strange enough out of the normality that your eyes pick it up. And that's, I think, exactly what happened."

There are more than 3,000 Aldabra giant tortoises on Fregate Island, the second largest colony in the world.

It was the first time Zora and her volunteers had even witnessed such behaviour and they had to fight their instincts to intervene.

"I remember one of the guys saying to me, 'oh no! We need to save the chick' and I stopped him, I said, look, if you were in the Savannah with a lion running after a gazelle, would you go and save the gazelle?" Zora says.

"It's a little bit the same concept. Nature can be cruel."

Fregate Island is privately owned and used for ecotourism.

Therefore, work has been done to regenerate natural habitats.

Sea birds, like the noddy tern, have recolonized the area.

Gerlach thinks this may why this behaviour has now been seen.

"That was probably something that occurred much more commonly in the distant past, when they would have been many islands with tortoises and with seabirds, but over hundreds of years, humans wiped out both the sea birds and tortoises," he says.

"And it's only the restoration work that's been done on places like Fregate that has allowed the habitats to recover, allowed the populations to recover. And I suspect what we're seeing is something that used to occur in the past, but no human has seen for 200 years."

Gerlach plans to study the behaviour further.

He wants to send students to the island to monitor the tortoises to determine more about their hunting skills.

 

 

 

Published in News

A flight carrying Afghan evacuees fleeing the Taliban takeover of their country touched down early Wednesday in Uganda where they will be given temporary refuge, government and diplomatic officials said.

"The Government of the Republic of Uganda this morning received Fifty One (51) evacuees from Afghanistan who arrived aboard a privately chartered flight at the Entebbe International Airport," the foreign ministry said in a statement.

It said it followed a request from the US government to temporarily host "at-risk" Afghan nationals and others who are in transit to the United States and other destinations worldwide.

The US embassy in Kampala thanked Uganda for its "generosity and hospitality toward these communities".

"The Government of Uganda and the Ugandan people have a long tradition of welcoming refugees and other communities in need," the embassy posted on Twitter.

Uganda hosts one of the largest refugee populations in the world -- nearly 1.5 million according to the United Nations, mainly from neighbouring South Sudan and the Democratic Republic of Congo.

Most live in large refugee settlements in the sparsely populated north of the country but around 81,000 urban refugees live in the capital Kampala.

Aid agencies have repeatedly said that the international response to support refugees in Uganda, a country of about 44 million people, has been underfunded.

 
Today Uganda received a privately chartered flight carrying evacuees from Afghanistan. The Government of Uganda and the Ugandan people have a long tradition of welcoming refugees and other communities in need. — A THREAD —

 

 

 

Published in News

Moroccan Foreign Minister Nasser Bourita says his country is "keen" to maintain "strong ties" with Libya after meeting with member of the Libyan Presidential Council Abdullah al-Lafi in Rabat.

During a joint press briefing , Mr. Bourita stated that Morocco will stand by Libya unconditionally, to help promote security and stability of the country.

"Our meeting focused on two main points: the first is the bilateral relations between the two countries and the very strong and deep ties that bind the two brotherly peoples. I conveyed to the Vice President of the Libyan Presidency Council (Abdullah al-Lafi) that His Majesty the King is keen to maintain these strong ties between the two people."

Abdullah al-Lafi , the visiting member of the Libyan Presidential Council replied saying,

"We have just confirmed with his excellency the Foreign Minister a meeting between the two Libyan and Moroccan consular commissions that will be held next week to settle all the problems of obtaining visas and to follow-up on the flights file. Surely this commission will play a positive role to alleviate the suffering for both, the Libyan and Moroccan people."

According to the moroccan minister, the issue of national reconciliation, remains an essential factor to overcome the past and foster unity among all parties, especially as elections draw near in Libya.

He stressed that Morocco, which has led an exemplary process in this field through the Equity and Reconciliation Commission, is willing to share its experience and guide Libya.

Published in News

Tanzania's president on Wednesday said five people are dead, including three police officers, after a gun battle with an armed man near the French Embassy in Dar es Salaam.

It was not immediately clear whether the shootout in the heavily guarded diplomatic area was a terror attack.

Liberatus Sabas, Tanzania's head of police operations, said the gunman attacked two police officers, took their guns and then "began shooting sporadically towards the French Embassy."

"He then took cover at a structure next to the French Embassy where he continued shooting," Sabas said.

Inspector general of police Simon Sirro told reporters the armed man was a foreigner and police believe he was from Somalia.

Sirro also warned the attack could be linked to the jihadist insurgency in neighbouring Mozambique, where a growing number of African nations are jointly pursuing the fighters.

The confrontation occurred shortly after President Samia Suluhu Hassan addressed security officials in another part of the city, Tanzania's commercial hub.

The president later said three police officers, a member of the auxiliary police and the armed man were killed, and she ordered an investigation.

The U.S. Embassy in a security alert warned citizens to avoid the area.

The shootout occurred not far from the scene of the deadly bombing in 1998 at the U.S. Embassy.

Published in News
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