Here are 20 key takeaways from BoG's advisory on digital fraud and financial security

As digital financial services, mobile money and online banking continue to transform Ghana’s economic landscape, the convenience they offer has also come with increased risks.

Bad actors are increasingly targeting consumers through phishing, impersonation scams, Ponzi schemes and SIM-swap fraud.

In a press release issued by its Communications Department and sighted by GhanaWeb Business, the Bank of Ghana provided guidance aimed at helping consumers protect themselves against digital financial fraud.

The advisory underscores the importance of ensuring that financial inclusion goes hand in hand with financial literacy, so consumers can stay protected in an increasingly digital economy.

Below are 20 key takeaways from the Bank of Ghana’s advisory:

1. Customers are advised to safeguard all personal and financial information, including Mobile Money PINs, ATM PINs, internet banking passwords, one-time passwords (OTPs) and verification codes.

2. No legitimate bank, mobile money operator, payment service provider or financial institution will request your PIN, password or OTP via phone calls, text messages, emails or social media.

3. Customers should not share confidential financial information with unknown persons, even if they claim to represent a financial institution or telecommunications operator.

4. Customers should be cautious of unsolicited phone calls, text messages, emails, social media messages and online links requesting financial or personal information.

5. Customers are advised to verify all investment opportunities before making payments or transfers. Investment schemes promising unusually high returns with little or no risk should be treated with extreme caution.

6. Customers should avoid engaging in “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms, as these may result in financial losses.

7. Customers should regularly monitor transaction alerts, bank statements and mobile money notifications to promptly detect any unauthorised transactions.

8. Financial consumers are advised to use strong passwords and update them regularly to enhance the security of their digital financial accounts.

9. Customers should activate available security features, such as transaction alerts, biometric verification and two-factor authentication, where applicable.

10. Individuals are advised not to disclose personal identification information, such as Ghana Card details, account numbers or verification codes, to unauthorised persons.

11. Customers should immediately report any suspected fraud, unauthorised transactions, SIM-swap incidents or account compromises to their financial institutions, mobile network operators or relevant service providers.

12. Under the Payment Systems and Services Act, 2019 (Act 987), financial institutions and electronic money issuers are required to maintain fraud-monitoring systems, cybersecurity controls and customer-protection mechanisms.

13. Financial institutions and electronic money issuers are also required to provide clear complaint-resolution procedures and consumer-protection measures for users of digital financial services.

14. Customers are advised to seek clarification in any language of their choice if they do not fully understand a digital financial product, transaction or communication.

15. Fraudulent links, fake websites and impersonation accounts on social media should be avoided and reported to the appropriate authorities.

16. Public awareness and financial literacy remain important tools in combating digital financial fraud and protecting personal finances.

17. Parents, schools, financial institutions, telecommunications operators, regulators and the media are encouraged to support continuous financial education and digital-security awareness.

18. Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability.

19. In an increasingly digital economy, customers are encouraged to remain vigilant, informed and security-conscious when conducting digital financial transactions.

20. The fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour and adherence to cybersecurity practices.

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