BoG Warns Public Over Rising Digital Fraud
The Bank of Ghana (BoG) has issued a public alert on digital financial fraud, cautioning customers of banks, mobile money operators and other financial institutions against sharing personal and financial information with unknown persons.
In a press release, the Central Bank outlined 20 key measures to help the public prevent fraud and protect their digital financial services.
The Bank advised customers to safeguard all personal and financial information, including Mobile Money PINs, ATM PINs, internet banking passwords, One-Time Passwords (OTPs) and verification codes.
It stressed that no legitimate bank, mobile money operator, payment service provider or financial institution will ever request a customer’s PIN, password or OTP via phone calls, text messages, emails or social media.
Customers were further cautioned not to share confidential financial information with unknown persons, even if they claim to represent a financial institution or telecommunications operator, and to be wary of unsolicited phone calls, text messages, emails, social media messages and online links requesting financial or personal information.
On investments, the BoG urged the public to verify all investment opportunities before making payments or transfers, warning that schemes promising unusually high returns with little or no risk should be treated with extreme caution. It advised against engaging in “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms.
Other safety measures highlighted include regular monitoring of transaction alerts, bank statements and mobile money notifications to promptly detect unauthorised transactions, use of strong passwords with regular updates, and activation of available security features such as transaction alerts, biometric verification and two-factor authentication.
The Central Bank also advised individuals not to disclose personal identification information such as Ghana Card details, account numbers or verification codes to unauthorised persons, and to immediately report any suspected fraud, unauthorised transactions, SIM swap incidents or account compromise to their financial institutions, mobile network operators or relevant service providers.
Citing the Payment Systems and Services Act, 2019 (Act 987), the BoG reminded financial institutions and electronic money issuers of their obligation to maintain fraud monitoring systems, cybersecurity controls and customer protection mechanisms, and to provide clear complaint resolution procedures for users of digital financial services.
The Bank further cautioned the public to avoid fraudulent links, fake websites and impersonation accounts on social media and to report them to appropriate authorities.
It said public awareness and financial literacy remain critical tools in combating digital fraud, and encouraged parents, schools, financial institutions, telecom operators, regulators and the media to support continuous financial education and digital security awareness.
“Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability,” the statement said, adding that the fight against digital fraud requires collective responsibility through awareness, education, responsible financial behaviour and adherence to cybersecurity practices.
Click to read more: https://opemsuo.com/author/hajara-fuseini/
