The Bank of Ghana (BoG) has issued a twenty-point advisory to the public regarding digital financial fraud. It warns that while financial inclusion is important, the lack of financial literacy can make consumers more vulnerable as more Ghanaians conduct transactions online. The advisory, titled “Digital Fraud and the Cost of Ignorance,” was released by the central bank’s Communications Department on Wednesday, October 7, 2026.
In the advisory, the Bank outlines practical safeguards for customers of banks, mobile money operators, and payment service providers. It cautions customers against sharing confidential financial information with unknown individuals, even if those individuals claim to represent a financial institution or telecommunications operator. The Bank emphasises that no legitimate bank, mobile money operator, payment service provider, or financial institution will ask for a customer’s personal identification number, password, or one-time password through phone calls, text messages, emails, or social media.
Customers were advised to safeguard all personal and financial information, including mobile money PINs, automated teller machine PINs, internet banking passwords, one-time passwords and verification codes. They were also advised not to disclose personal identification information such as Ghana Card details, account numbers or verification codes to unauthorised persons.
The central bank urged the public to be cautious of unsolicited phone calls, text messages, emails, social media messages and online links requesting financial or personal information, and to avoid fraudulent links, fake websites and impersonation accounts on social media.
On investment-related fraud, the Bank advised customers to verify all investment opportunities before making payments or transfers, adding that schemes promising unusually high returns with little or no risk should be treated with extreme caution. It specifically warned against “double-your-money” schemes, online Ponzi schemes and suspicious digital investment platforms, noting that these may lead to financial loss.
The Bank encouraged customers to regularly monitor transaction alerts, bank statements and mobile money notifications to detect unauthorised transactions promptly. It also advised the use of strong passwords that are updated regularly, as well as the activation of available security features such as transaction alerts, biometric verification and two-factor authentication.
Customers have been advised to promptly report any suspected fraud, unauthorised transactions, SIM swap incidents or compromised accounts to their financial institutions, mobile network operators or other relevant service providers.
The Bank of Ghana noted that under the Payment Systems and Services Act, 2019 (Act 987), financial institutions and electronic money issuers are required to maintain effective fraud monitoring systems, cybersecurity controls and mechanisms to protect customers.
It said these institutions must also provide clear procedures for resolving complaints and ensure adequate consumer protection for users of digital financial services. The advisory also highlighted the importance of ensuring that customers fully understand the digital financial products and services they use. Customers who do not understand a product, transaction or communication have been encouraged to seek clarification in a language of their choice.
The central bank stressed that public awareness and financial literacy remain critical tools in the fight against digital financial fraud. It therefore urged parents, schools, financial institutions, telecommunications companies, regulators and the media to support continuous financial education and promote awareness of digital security.
“Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability,” the Bank said. It added that combating digital financial fraud requires a collective effort involving public awareness, education, responsible financial behaviour and adherence to cybersecurity practices.
Members of the public seeking further information may contact the Bank of Ghana’s Complaints Office on 0593974486 or via email at complaints.office@bog.gov.gh. The Complaints Office is located at the Financial Stability Department, 4th Floor, Urban Block, The Bank Square, Bank of Ghana, Accra.
