The Bank of Ghana (BoG) has sounded the alarm over a growing threat facing users of digital financial services, warning the public to stay away from fraudsters, suspicious investment platforms and schemes promising to double their money with little or no risk.
The central bank’s latest caution comes as banking, mobile money and other financial transactions increasingly move online, creating greater convenience for consumers while also giving fraudsters more opportunities to target unsuspecting victims.
In a statement issued on Wednesday, October 7, the BoG urged customers to take greater responsibility for protecting their financial information and funds against increasingly sophisticated forms of digital fraud.
Fraudsters Target Sensitive Financial Information
The central bank warned customers against disclosing confidential information that could give criminals access to their accounts and digital wallets.
Such information includes Mobile Money and ATM PINs, internet banking passwords, One-Time Passwords (OTPs) and verification codes.
According to the BoG, legitimate banks, mobile money operators, payment service providers and other financial institutions would not request customers to disclose such information through phone calls, text messages, emails or social media.
That warning is particularly important as fraudsters increasingly rely on impersonation to convince victims that they are dealing with representatives of trusted financial institutions.
A caller may claim to be from a bank. Another may pretend to represent a telecommunications company or payment service provider. The objective, however, can be the same: obtain confidential information that can be used to gain access to a customer’s funds.
The BoG has therefore urged customers to properly verify the identity of anyone claiming to represent a financial institution before providing any personal or financial information.
‘Double-Your-Money’ Schemes Under Scrutiny
The central bank also turned its attention to investment offers that promise extraordinary returns while presenting little or no apparent risk.
Such offers can be particularly attractive to individuals looking for quick financial gains, especially when they are promoted through social media, messaging platforms and other digital channels.
The BoG urged consumers to thoroughly investigate investment opportunities before making payments or transferring funds.
Investment schemes promising unusually high returns with little or no risk, it warned, should be treated with extreme caution.
The central bank specifically cautioned the public against “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms.
These schemes can leave victims facing substantial financial losses after transferring money based on promises of quick and unusually high returns.
The attraction is often simple. A person sees an offer promising that a relatively small amount of money can quickly become twice as much. The apparent opportunity can create pressure to act immediately, leaving little room for proper verification.
The BoG wants consumers to resist that pressure and conduct appropriate checks before committing their funds.
Suspicious Links Can Become Costly
Beyond investment schemes, the central bank warned consumers about unsolicited communications requesting personal or financial information.
These may arrive through phone calls, text messages, emails, social media messages or online links.
A suspicious link can appear harmless, but clicking on it or providing information through an unverified platform could expose sensitive personal and financial details.
The BoG has therefore encouraged consumers to remain cautious when receiving unexpected requests and to verify the source before taking any action.
Customers should also be wary of offers that appear too good to be true. The promise of effortless profits can sometimes be the first sign that an individual is being targeted by a fraudulent scheme.
Stronger Security Needed As Digital Finance Expands
The BoG is also urging consumers to strengthen their everyday account security as digital financial services continue to expand.
Customers have been advised to regularly monitor transaction alerts, bank statements and mobile money notifications. Early detection of an unauthorised transaction can give victims a better opportunity to report the incident and take steps to protect their accounts.
The central bank also encouraged users to create strong passwords and change them regularly.
Available security features such as transaction alerts, biometric verification and two-factor authentication should also be activated where applicable.
The advice extends beyond passwords and PINs. The BoG cautioned individuals against disclosing personal identification information, including Ghana Card details, account numbers and verification codes, to unauthorised persons.
Victims Urged To Act Immediately
The central bank has also outlined what consumers should do when they suspect that their accounts have been compromised.
Anyone who believes they have fallen victim to fraud, experienced an unauthorised transaction, suffered a SIM swap or had an account compromised should report the incident immediately.
The BoG said reports should be made to the affected financial institution, mobile network operator or relevant service provider.
Speed can be critical in such situations because delays may make it more difficult to contain losses or secure compromised accounts.
As digital finance becomes increasingly embedded in everyday life, consumers are being asked to treat financial security as seriously as they treat the money itself. A PIN, password, OTP or verification code may look like a small piece of information, but in the wrong hands it can provide a pathway to significant financial losses.
The BoG’s warning therefore places renewed attention on consumer vigilance, particularly as fraudsters continue to exploit trust, urgency and the promise of easy money.
READ ALSO: Ghana Set to Exit Gavi, Finance 100% of Vaccines Domestically
