The Bank of Ghana has drawn the attention of the general public to key issues relating to digital financial fraud prevention and the responsibilities of users of digital financial services.
In a press release issued on 7 October 2026, the central 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.
The Bank emphasised that no legitimate bank, mobile money operator, payment service provider or financial institution will request a PIN, password or OTP via phone calls, text messages, emails or social media.
Customers are urged not to share confidential financial information with unknown persons, even if they claim to represent a financial institution or telecommunications operator.
The public is also advised to be cautious of unsolicited phone calls, text messages, emails, social media messages and online links requesting financial or personal information.
Customers should verify all investment opportunities before making payments or transfers. Investment schemes promising unusually high returns with little or no risk should be treated with extreme caution.
The Bank further cautioned against engaging in “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms, as they may lead to financial loss.
Customers are advised to regularly monitor transaction alerts, bank statements and mobile money notifications to promptly detect any unauthorised transactions.
Financial consumers should use strong passwords and update them regularly to enhance the security of their digital financial accounts. They should also activate available security features such as transaction alerts, biometric verification and two-factor authentication where applicable.
Individuals are advised not to disclose personal identification information, such as Ghana Card details, account numbers or verification codes, to unauthorised persons.
Customers should immediately report any suspected fraud, unauthorised transactions, SIM swap incidents or account compromise to their financial institutions, mobile network operators or relevant service providers.
Under the Payment Systems and Services Act, 2019 (Act 987), financial institutions and electronic money issuers are required to maintain 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.
Customers are advised to seek clarification in any language of their choice if they do not fully understand a digital financial product, transaction or communication.
Fraudulent links, fake websites and impersonation accounts on social media should be avoided and reported to the appropriate authorities.
The Bank noted that public awareness and financial literacy remain important tools in combating digital financial fraud and protecting personal finances. Parents, schools, financial institutions, telecom operators, regulators and the media are encouraged 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.
In an increasingly digital economy, customers are encouraged to remain vigilant, informed and security-conscious in all digital financial transactions.
The fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour and adherence to cybersecurity practices.
For further enquiries, the public may contact the BoG Complaints Office on 0593974486 or via email at [email protected]
