BoG warns Ghanaians against digital fraud and ‘money-doubling’ schemes

The Bank of Ghana (BoG) has cautioned the public to remain vigilant against digital financial fraud, warning that the growing use of mobile money, online banking and other digital financial services has created new opportunities for fraudsters.

In a public advisory issued on October 7, 2026, the central bank urged financial consumers to protect sensitive information, including Mobile Money PINs, ATM PINs, internet banking passwords, One-Time Passwords (OTPs), Ghana Card details, account numbers and verification codes.

The BoG stressed that legitimate banks, mobile money operators, payment service providers and other financial institutions would not request customers’ PINs, passwords or OTPs through telephone calls, text messages, emails or social media.

Customers have therefore been advised to treat unsolicited calls, messages, emails and online links requesting personal or financial information with caution.

The central bank also warned against fraudulent investment schemes, particularly those promising unusually high returns with little or no risk.

Consumers were urged to avoid “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms, which could result in significant financial losses.

The BoG further advised customers to regularly monitor transaction alerts, bank statements and mobile money notifications to enable them to detect and report unauthorised transactions promptly.

Financial consumers have also been encouraged to use strong passwords, update them regularly and activate available security features, including transaction alerts, biometric verification and two-factor authentication.

Under the Payment Systems and Services Act, 2019 (Act 987), the BoG said financial institutions and electronic money issuers are required to maintain fraud-monitoring systems, cybersecurity controls and customer-protection mechanisms.

The institutions are also required to provide clear complaint-resolution procedures and consumer-protection measures for users of digital financial services.

The central bank urged customers who suspect fraud, unauthorised transactions, SIM-swap incidents or account compromise to immediately report the matter to their financial institution, mobile network operator or relevant service provider.

It also reminded consumers that they can seek clarification in a language of their choice if they do not fully understand a digital financial product, transaction or communication.

The BoG further advised the public to avoid and report fraudulent links, fake websites and impersonation accounts on social media to the appropriate authorities.

It called on parents, schools, financial institutions, telecommunications operators, regulators and the media to support continuous financial education and digital-security awareness.

The central bank stressed that financial inclusion without financial literacy could expose individuals to increased financial vulnerability.

As digital transactions become an increasingly important part of everyday economic activity, the BoG urged consumers to remain vigilant, informed and security-conscious.

It said the fight against digital financial fraud requires collective responsibility, including public awareness, financial education, responsible financial behaviour and adherence to basic cybersecurity practices.