The Bank of Ghana has issued a stark warning to the public regarding the escalating threats of digital financial fraud, cautioning that financial inclusion without adequate literacy leaves consumers dangerously vulnerable.
In a press release titled “Digital Fraud and the Cost of Ignorance,” the central bank outlined key responsibilities for users of digital financial services, emphasizing that personal vigilance remains the first line of defence against increasingly sophisticated scams.
The regulator urged consumers to safeguard sensitive credentials, including Mobile Money PINs, ATM PINs, internet banking passwords, and One-Time Passwords (OTPs).
It reminded the public that legitimate financial entities will never request confidential data through unsolicited communications.
”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,” the statement stressed.
Members of the public were advised to exercise extreme caution when presented with investment opportunities promising unusually high returns with minimal risk.
Alongside consumer precautions, the central bank underscored the legal obligations binding financial service providers. Under the Payment Systems and Services Act, 2019 (Act 987), institutions and electronic money issuers must maintain robust cybersecurity controls, fraud monitoring systems, and accessible dispute resolution procedures.
Consumers were encouraged to activate safety measures such as biometric verification and two-factor authentication, monitor transaction alerts continuously, and immediately report suspected breaches or SIM swap incidents to their service providers.
”The fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour, and adherence to cybersecurity practices,” the regulator concluded, calling on schools, media organisations, and telecom operators to support ongoing literacy efforts across the country.
By: Rainbowradioonline.com/Ghana