Bank of Ghana (BoG) has issued a release to financially educate the citizenry on what it deems as Secure Banking Practices.

The central bank of Ghana has categorised these practices under eight broad sections – how to authenticate the identities of representatives from your(the customer’s) bank, secure ATMs, protect cheque books, secure personal data, verify the legitimacy of the source of funds received by the customer, report suspicious transactions on accounts, secure passwords, usernames and OTPs and report unfair treatment by licensed financial institutions.

The bank has also provided its customers with lists of institutions it has licensed and supervises.

On how customers can authenticate the identities of representatives from their banks, BoG cautions customers against disclosing their sensitive personal details to third parties who contact them in the name of the financial institutions they bank with.

“Your financial institution will not ask for any sensitive information such as passwords and PINS through phone calls, SMS or emails.”
BoG Press Release

BoG advises customers who find themselves entangled in such situations to authenticate the identity of any caller claiming to be a representative of their banks.

With the evolution of technology and the desire of customers for a more convenient and faster mode of transaction, ATMs can be found everywhere. Some customers have also resorted to this mode of transaction instead of over-the-counter transactions to avoid the long queues mostly encountered in the banking area.

This innovation has helped customers transact with their banks as and when they want, even when the banks are closed. Just as it comes with a number of benefits, so also are hackers increasing in numbers to rob individuals of their funds through this channel.

“The information on your card could be used by criminals/fraudsters for transactions without your approval even if your PIN is unknown.”

BoG Urges customers to secure their ATM cards

BoG Press Release

Additionally, the central bank has sounded a word of caution to customers to avoid signing a blank cheque for any staff of a financial institution or any individual for immediate or later withdrawal.

Customers have also been advised to avoid theft of their identities which usually takes place at banking halls or elsewhere by proper disposal of all documents bearing their personal details – Name, Account number, Contact information, Signature, amongst others.

Again, BoG has urged all customers to always ensure the source of funds received into their accounts is legitimate.

“Beware of funds you receive in your bank account for yourself or on behalf of other persons, as this may be subject to anti-money laundering and countering terrorism financing laws.

“Do not allow anyone to use your bank account for a transaction. You are responsible for the activities on your bank account.”
BoG Press Release

On reporting of suspicious transactions, the central bank has advised customers to monitor regularly their bank transactions and account balances and report any unlawful, unauthorised or suspicious transactions to them.

Passwords, usernames and One-Time Passwords (OTPs), the bank further warned are as very important as the keys to one’s home and as such should be handled with care.

“Properly handle them.”

BoG Press Release

Moreover, BoG advised customers to report to them any ail treatments from their service providers or dissatisfaction with using any of their services.

Financial Institutions licensed and supervised by BoG

BoG urged customers to take note and transact with only licensed and supervised financial institutions to ensure safety of their funds: Banks; Savings and Loans Companies; Rural and Community Banks; Finance Houses, Finance and Leasing Companies; Leasing Companies, Mortgage Companies; Deposit-Taking Microfinance Companies; Micro-Credit Companies; Non Deposit-Taking Financial NGOs; Individual Money Lenders; Susu Collectors; Foreign Bureaus; Credit Bureaus; Dedicated Electronic Money issuers; Payment Service Providers (PSPs)/Financial Technology Firms (FinTech) and Payment Financial Technology Service Providers (PFTSPs).