The Bank of Ghana (BoG) has cautioned the public about the growing threat of digital financial fraud, urging customers to strengthen their financial literacy and adopt basic cybersecurity measures when using digital financial services.
The warning forms part of a 20-point advisory issued by the Bank’s Communications Department on Wednesday, October 7, 2026, under the title “Digital Fraud and the Cost of Ignorance.” The advisory provides practical guidance for customers of banks, mobile money operators, and payment service providers.
The central bank warned customers never to share confidential financial information with unknown individuals, even when they claim to be representatives of a bank, mobile money operator, or telecommunications company.
According to the Bank, legitimate financial institutions will not ask customers to provide their personal identification numbers, passwords, or one-time passwords through phone calls, text messages, emails, or social media.
Customers were urged to protect their mobile money PINs, ATM PINs, internet banking passwords, one-time passwords, and verification codes. The Bank also advised against sharing Ghana Card details, account numbers, and other personal identification information with unauthorised persons.
The public was further advised to exercise caution when responding to unsolicited calls, text messages, emails, and social media messages that request financial or personal information. Suspicious links, fake websites, and social media accounts impersonating legitimate institutions should also be avoided.
The BoG issued a separate warning on investment scams, urging customers to verify investment opportunities before transferring money. It said schemes offering unusually high returns with little or no risk should raise concern, particularly “double-your-money” schemes, online Ponzi schemes, and suspicious digital investment platforms.
The Bank also encouraged customers to monitor bank statements, transaction alerts, and mobile money notifications regularly to identify unauthorised transactions early. It recommended strong passwords, regular password changes, and the use of security measures such as biometric verification, transaction alerts, and two-factor authentication.
Anyone who suspects fraud, an unauthorised transaction, SIM swap, or account compromise was advised to immediately contact their financial institution, mobile network operator, or relevant service provider.
The Bank said financial institutions and electronic money issuers have obligations 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.
The advisory encouraged customers who do not fully understand a digital financial product, transaction or communication to seek clarification in any language they understand.
The BoG stressed that financial education is essential to reducing digital financial fraud and called on parents, schools, financial institutions, telecommunications operators, regulators, and the media to promote continuous public education on digital security.
“Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability,” the Bank said.
The central bank added that combating digital financial fraud requires collective responsibility, including greater awareness, education, responsible financial behaviour and adherence to cybersecurity practices.
For further enquiries, the public may contact the Bank’s Complaints Office on 0593974486 or complaints.office@bog.gov.gh.
