Bank of Ghana warns public against digital financial fraud

Story by: Regina Bless

The Bank of Ghana (BoG) has cautioned the public to remain vigilant against digital financial fraud and to take greater responsibility for protecting their personal and financial information.

In a press release issued on October 7, 2026, under the title “Digital Fraud and the Cost of Ignorance,” the central bank highlighted common risks associated with digital financial services and urged customers to adopt stronger security practices.

The Bank advised customers to safeguard confidential information, including Mobile Money PINs, ATM 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.

Customers have also been advised not to share confidential financial information with unknown persons, even when such individuals claim to represent a bank, financial institution or telecommunications operator.

The BoG urged the public to be particularly cautious of unsolicited calls, messages, emails, social media communications and online links requesting personal or financial information.

The central bank further warned against suspicious investment opportunities, particularly schemes promising unusually high returns with little or no risk. Members of the public were encouraged to verify investment opportunities before making payments or transfers and to avoid “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms.

Customers have also been encouraged to regularly monitor bank statements, transaction alerts and mobile money notifications to quickly identify unauthorised transactions.

The Bank recommended the use of strong passwords and available security features such as biometric verification, transaction alerts and two-factor authentication.

It also advised individuals not to disclose Ghana Card details, account numbers or verification codes to unauthorised persons.

According to the Bank, suspected fraud, unauthorised transactions, SIM-swap incidents or compromised accounts should be reported immediately to the relevant financial institution, mobile network operator or service provider.

The BoG also reminded financial institutions and electronic money issuers of their obligations under the Payment Systems and Services Act, 2019 (Act 987) to maintain fraud-monitoring systems, cybersecurity controls and customer-protection mechanisms.

The central bank further emphasised the importance of clear complaint-resolution procedures and consumer-protection measures for users of digital financial services.

It urged customers to seek clarification in any language they understand whenever they are uncertain about a digital financial product, transaction or communication.

The Bank also warned the public to avoid fraudulent links, fake websites and impersonation accounts on social media and to report such activities to the appropriate authorities.

The BoG said public awareness and financial literacy remain critical tools in combating digital financial fraud and protecting personal finances. It called on parents, schools, financial institutions, telecommunications operators, regulators and the media to support continuous financial education and digital-security awareness.

The Bank stressed that financial inclusion without adequate financial literacy could expose individuals to increased financial vulnerability, urging consumers to remain vigilant, informed and security-conscious as Ghana’s digital economy continues to expand.

The BoG said the fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour and adherence to cybersecurity practices.

For complaints and further enquiries, the public can contact the BoG Complaints Office on 0593974486, via WhatsApp on the same number, or by email at complaints.office@bog.gov.gh.