The Bank of Ghana (BoG) has issued a twenty-point advisory to the public on digital financial fraud, warning that financial inclusion without financial literacy could expose consumers to increased vulnerability as more Ghanaians transact online.
The advisory, contained in a press release issued by the central bank's Communications Department on Wednesday, October 7, 2026, under the title "Digital Fraud and the Cost of Ignorance," sets out practical safeguards for customers of banks, mobile money operators and payment service providers.
The Bank cautioned customers against sharing confidential financial information with unknown persons, even where such persons claim to represent a financial institution or telecommunications operator. It stressed that 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.
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 were further advised to immediately report any suspected fraud, unauthorised transactions, SIM swap incidents or account compromise to their financial institutions, mobile network operators or relevant service providers.
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 said such institutions are also required to provide clear complaint resolution procedures and consumer protection measures for users of digital financial services.
The advisory also addressed comprehension and accessibility, advising customers to seek clarification in any language of their choice if they do not fully understand a digital financial product, transaction or communication.
The central bank said public awareness and financial literacy remained important tools in combating digital financial fraud, and called on parents, schools, financial institutions, telecommunications operators, regulators and the media to support continuous financial education and digital security awareness.
"Financial consumers should always remember that financial inclusion without financial literacy may expose individuals to increased financial vulnerability," the Bank said. It added that the fight against digital financial fraud requires collective responsibility through awareness, education, responsible financial behaviour and adherence to cybersecurity practices.
The public may contact the Bank's Complaints Office on 0593974486 or by email at