The Bank of Ghana has issued a warning to all financial institutions to be mindful of a new mobile money fraud type.

According to BoG, fraudsters call bank staffs, tellers especially, claiming to be from the head office of one of the Telecommunication companies.

The fraudsters then proceed to tell the staff that they have been instructed to train them on the reversal process on mobile money.

“As part of the process, the staff would be asked to enter certain codes on the mobile platform. The codes entered lead to the debiting of the bank’s mobile wallet.”

“Per its mandate, the Bank of Ghana intends to raise awareness among institutions to this particular fraud to help minimise its occurrence,” the BoG said in a statement.

The institution adviced banks to ensure that all staff mambers are made aware of the fraud type and adviced to have at least two people handling all mobile money transactions at a bank branch.

“The designated officials shall be at the management level at the branch/agency typically Branch Manager of Operations. The designated MoMo staff must not take instrauctions directly from the Telco’s representatives.”

BoG also urged that any communication between representatives of Telcos and bank staffs should be approved first by the Telcos’ head office.