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

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The Bank of Ghana (BoG) has cautioned users of digital financial services to remain vigilant against fraudsters and avoid sharing confidential financial information with unauthorised persons.

The central bank said the increasing use of digital platforms for banking, mobile money and other financial transactions requires consumers to adopt stronger security measures to protect their funds and personal information.

In a statement issued on Wednesday, October 7, the BoG urged customers to safeguard sensitive information, including Mobile Money and 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 ask customers to disclose such information through phone calls, text messages, emails or social media.

Customers have therefore been advised not to share confidential financial details with individuals who claim to represent banks, telecommunications companies or other financial institutions unless their identity has been properly verified.

Warning over suspicious links and investment schemes

The BoG also warned the public to exercise caution when responding to unsolicited phone calls, text messages, emails, social media messages and online links requesting personal or financial information.

It particularly urged consumers to thoroughly verify investment opportunities before making payments or transferring funds.

Investment schemes promising unusually high returns with little or no risk, it said, should be treated with extreme caution.

The public has also been advised to avoid “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms, which could result in significant financial losses.

The central bank urged consumers to conduct appropriate checks before committing funds to any investment opportunity and to be wary of offers that appear too good to be true.

Consumers urged to strengthen account security

The BoG further encouraged users of digital financial services to regularly monitor transaction alerts, bank statements and mobile money notifications to identify unauthorised transactions as quickly as possible.

Consumers have also been advised to use strong passwords and change them regularly, while activating available security features such as transaction alerts, biometric verification and two-factor authentication where applicable.

The central bank cautioned individuals against disclosing personal identification information, including Ghana Card details, account numbers and verification codes, to unauthorised persons.

It said customers who suspect that they have fallen victim to fraud, experienced an unauthorised transaction, suffered a SIM swap or had their account compromised should report the incident immediately to their financial institution, mobile network operator or relevant service provider.

Financial institutions have fraud-prevention obligations

The BoG noted that financial institutions and electronic money issuers also have responsibilities under the Payment Systems and Services Act, 2019 (Act 987).

The law requires such institutions to maintain fraud-monitoring systems, cybersecurity controls and mechanisms aimed at protecting customers who use digital financial services.

They are also required to provide clear procedures for resolving customer complaints and appropriate consumer protection measures.

The central bank urged consumers who do not fully understand a digital financial product, transaction or communication to seek clarification before proceeding.

It stressed that customers should be able to obtain explanations in a language of their choice to ensure they understand the financial service or transaction involved.

Public urged to report fake platforms

The BoG also warned consumers to avoid fraudulent links, fake websites and social media accounts impersonating legitimate financial institutions or service providers.

Such platforms, it said, should be reported to the appropriate authorities.

The central bank said public awareness and financial literacy remain important tools in the fight against digital financial fraud, particularly as more people gain access to digital financial services.

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

The BoG stressed that increased access to financial services must be accompanied by the knowledge required to use those services safely.

“Financial inclusion without financial literacy may expose individuals to increased financial vulnerability,” the central bank warned.

It therefore urged financial consumers to remain vigilant, informed and security-conscious when conducting digital transactions.

The BoG said combating digital financial fraud requires a collective effort involving consumers, financial institutions, regulators, telecommunications operators and other stakeholders through sustained awareness, education, responsible financial behaviour and adherence to cybersecurity practices.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.



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