BoG cautions Ghanaians against digital fraud, ‘double-your-money’ schemes

The Bank of Ghana (BoG) has cautioned the public against digital financial fraud, urging users of banking and mobile money services to protect their personal information and verify investment opportunities before making payments.

The central bank said the increasing use of digital financial services requires customers to remain vigilant against fraudsters who exploit limited financial literacy and impersonate legitimate financial institutions to steal money and sensitive information.

In a press release issued on Wednesday, October 7, the BoG advised customers to safeguard their Mobile Money PINs, ATM PINs, internet banking passwords, one-time passwords (OTPs) and other verification codes.

It stressed that legitimate financial institutions and mobile money operators would not request such confidential information through phone calls, text messages, emails or social media.

“No legitimate bank, mobile money operator, payment service provider, or financial institution will request your PIN, password, or OTP via phone calls, text messages, emails, or social media," the statement read in part.

The BoG also cautioned the public against online Ponzi schemes, suspicious digital investment platforms and other schemes promising unusually high returns with little or no risk.

It urged customers 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.

The central bank further advised users to monitor their bank statements, transaction alerts and mobile money notifications regularly to detect unauthorised transactions promptly.

Customers were 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.

“Financial consumers are advised to seek clarification in any language of their choice if they do not fully understand a digital financial product, transaction, or communication," the central bank noted.