The Bank of Ghana (BoG) has warned the public against digital financial fraud and Ponzi schemes, saying financial inclusion without financial literacy could expose consumers to increased vulnerability.
The Bank says more Ghanaians transacting online without adequate knowledge are becoming targets for fraudsters operating through banks, mobile money and digital payment platforms.
In a twenty-point advisory contained in a press release issued by its Communications Department on Wednesday, October 7, 2026, the central bank indicated that public awareness and financial literacy remain critical tools in combating digital fraud.
The advisory, titled “Digital Fraud and the Cost of Ignorance,” sets out practical safeguards for customers of banks, mobile money operators and payment service providers.
It cautioned customers against sharing confidential financial information such as mobile money PINs, ATM PINs, internet banking passwords, one-time passwords and verification codes with unknown persons.
“No legitimate bank, mobile money operator, payment service provider or financial institution would request a customer’s personal identification number, password or one-time password through phone calls, text messages, emails or social media,” the Bank stressed.
The Bank also advised 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 investment fraud, it urged customers to verify all investment opportunities before making payments, warning 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 central bank further urged customers to regularly monitor transaction alerts, bank statements and mobile money notifications to detect unauthorised transactions, use strong passwords and activate security features such as transaction alerts, biometric verification and two-factor authentication.
It advised customers to immediately report suspected fraud, unauthorised transactions, SIM swap incidents or account compromise to their financial institutions or mobile network operators.
The Bank noted that 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.
It also advised customers to seek clarification in any language of their choice if they do not fully understand a digital financial product or transaction.
“Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability,” the Bank said, adding that the fight against digital fraud requires collective responsibility.
The public may contact the Bank’s Complaints Office on 0593974486 or by email at [email protected] for further enquiries.
