The Bank of Ghana (BoG) has warned the public to exercise extreme caution in their digital financial transactions, stressing that a lack of awareness and financial literacy could expose individuals to significant financial losses.
In a press release issued by the Central Bank yesterday and titled “Digital Fraud and the Cost of Ignorance,” the bank highlighted growing risks associated with digital financial services and outlined measures customers should take to protect their funds and personal information.
The BoG cautioned the public against sharing sensitive financial details, including Mobile Money and ATM Personal Identification Numbers (PINs), internet banking passwords, One-Time Passwords (OTPs) and verification codes.
It stressed that legitimate banks, mobile money operators, payment service providers and other financial institutions would not request customers’ PINs, passwords or OTPs through phone calls, text messages, emails or social media.
The central bank also urged customers to be wary of unsolicited calls, messages, emails and online links seeking personal or financial information, particularly where the sender claims to represent a financial institution or telecommunications operator.
On investment schemes, the BoG advised the public to thoroughly verify investment opportunities before making payments or transfers.
It warned against schemes promising unusually high returns with little or no risk, as well as “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms.
The Bank further encouraged customers to regularly monitor transaction alerts, bank statements and mobile money notifications to quickly identify and report unauthorised transactions.
It also recommended the use of strong passwords, regular password updates, transaction alerts, biometric verification and two-factor authentication where available.
The BoG reminded the public that individuals should immediately report suspected fraud, unauthorised transactions and SIM-swap incidents or compromised accounts to their financial institutions, mobile network operators or relevant service providers.
The central bank said financial institutions and electronic money issuers also have responsibilities under the Payment Systems and Services Act, 2019 (Act 987), including maintaining fraud monitoring systems, cybersecurity controls and customer protection mechanisms.
They are also required to provide clear complaint-resolution procedures and consumer protection measures for users of digital financial services.
The BoG encouraged customers who do not fully understand a digital financial product, transaction or communication to seek clarification in any language they are comfortable with before proceeding.
It further warned against fraudulent links, fake websites and impersonation accounts on social media, urging the public to avoid and report such platforms to the appropriate authorities.
According to the Bank, sustained public awareness and financial literacy are essential in the fight against digital financial fraud.
It called on parents, schools, financial institutions, telecommunications operators, regulators and the media to support continuous financial education and digital security awareness.
The BoG said the increasing digitization of the economy makes it necessary for financial consumers to remain “vigilant, informed, and security-conscious” in all digital financial transactions.
It concluded that combating digital financial fraud requires a collective effort anchored in awareness, education, responsible financial behavior and adherence to cybersecurity practices.
By Jesse Otoo
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