Bank of Ghana Outlines 20 Digital Safety Measures To Protect Your Money
The Bank of Ghana has released 20 key safety measures to help Ghanaians protect themselves from digital financial fraud.
They are:
1. Safeguard all personal and financial information, including Mobile Money PINs, ATM PINs, internet banking passwords, One-Time Passwords (OTPs), and verification codes.
2. Remember: No legitimate bank, mobile money operator, or financial institution will ever request your PIN, password, or OTP via phone calls, text messages, emails, or social media.
3. Do not share confidential financial information with unknown persons, even if they claim to represent a financial institution or telecom operator.
4. Be cautious of unsolicited phone calls, text messages, emails, social media messages, and online links requesting financial or personal information.
5. Verify all investment opportunities before making payments or transfers. Investment schemes promising unusually high returns with little or no risk should be treated with extreme caution.
6. Avoid “double-your-money” schemes, online Ponzi schemes, and suspicious digital investment platforms.
7. Regularly monitor transaction alerts, bank statements, and mobile money notifications to promptly detect any unauthorised transactions.
8. Use strong passwords and update them regularly to enhance the security of your digital financial accounts.
9. Activate available security features, such as transaction alerts, biometric verification, and two-factor authentication, where applicable.
10. Do not disclose personal identification information, such as Ghana Card details, account numbers, or verification codes to unauthorised persons.
11. Immediately report any suspected fraud, unauthorised transactions, SIM swap incidents, or account compromise to your financial institution, mobile network operator, or relevant service provider.
12. Under the Payment Systems and Services Act, 2019 (Act 987), financial institutions and electronic money issuers are required to maintain fraud monitoring systems, cybersecurity controls, and customer protection mechanisms.
13. Financial institutions are also required to provide clear complaint resolution procedures and consumer protection measures for users of digital financial services.
14. Seek clarification in any language of your choice if you do not fully understand a digital financial product, transaction, or communication.
15. Avoid fraudulent links, fake websites, and impersonation accounts on social media and report them to the appropriate authorities.
16. Public awareness and financial literacy remain important tools in combating digital financial fraud.
17. Parents, schools, financial institutions, telecom operators, regulators, and the media are encouraged to support continuous financial education and digital security awareness.
18. Financial inclusion without financial literacy may expose individuals to increased financial vulnerability.
19. In an increasingly digital economy, customers are encouraged to remain vigilant, informed, and security-conscious in all digital financial transactions.
20. The fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour, and adherence to cybersecurity practices.
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