The Bank of Ghana has issued a warning to the public about the increasing threat of digital financial fraud. As more Ghanaians turn to digital financial services, the central bank is urging users to be vigilant and protect their personal information. This warning comes as fraudsters continue to exploit limited financial literacy and impersonate legitimate financial institutions to steal money and sensitive information.
In a press release issued on October 7, the BoG advised customers to safeguard their confidential information, including Mobile Money PINs, ATM PINs, internet banking passwords, and one-time passwords. The central bank stressed that legitimate financial institutions and mobile money operators would never request such information through phone calls, text messages, emails, or social media.
The BoG also cautioned the public against online Ponzi schemes and suspicious digital investment platforms promising unusually high returns with little or no risk. Ghanaians are urged to verify investment opportunities before transferring money and to be cautious of unsolicited messages, suspicious links, fake websites, and social media accounts impersonating financial institutions or telecommunications operators.
To stay safe, the central bank advised users to monitor their bank statements, transaction alerts, and mobile money notifications regularly to detect unauthorised transactions promptly. Customers are also encouraged to use strong passwords, activate available security features such as biometric verification and two-factor authentication, and report suspected fraud, SIM swap incidents, and compromised accounts to their financial institutions or mobile network operators.
The BoG noted that financial consumers have the right to seek clarification in any language of their choice if they do not fully understand a digital financial product, transaction, or communication. This move aims to empower Ghanaians to make informed decisions about their digital financial activities.
According to the BoG, legitimate banks, mobile money operators, payment service providers, or financial institutions will not request PINs, passwords, or OTPs via phone calls, text messages, emails, or social media. The central bank is working to protect Ghanaians from digital financial fraud and promote a safer financial environment.
The Bank of Ghana's warning is a timely reminder for Ghanaians to be cautious when using digital financial services. By taking the necessary precautions and being aware of potential threats, individuals can significantly reduce the risk of falling victim to digital financial fraud.
Key points
- The Bank of Ghana has warned Ghanaians against digital financial fraud and 'double-your-money' schemes.
- The central bank advises users to safeguard their confidential information and verify investment opportunities before making payments.
- Ghanaians are urged to monitor their bank statements and report suspected fraud to their financial institutions or mobile network operators.
