Bank of Ghana warns mobile money fraud relies on social engineering, not hacking

The Bank of Ghana (BoG) has warned that fraud in the country's mobile‑money sector is increasing, driven primarily by social‑engineering tactics rather than sophisticated hacking. While fraud cases in traditional banks and specialised deposit‑taking institutions have declined, payment service providers – notably MTN Mobile Money, AirtelTigo and Telecash – continue to see rising incidents and monetary losses.

BoG officials, including Eric Cab‑Beyuo, head of the Fraud Investigations and Reporting Unit, said scammers use fake phone calls, deceptive SMS alerts and other manipulative communications to trick users into revealing verification codes, PINs and other credentials. Once obtained, these details allow unauthorized access to mobile wallets and the transfer of funds. The central bank urged consumers to verify the authenticity of unsolicited messages, avoid sharing personal information, and remain vigilant against prize‑win scams and other fraudulent outreach.

The warning forms part of BoG’s broader effort to strengthen fraud prevention across Ghana’s rapidly expanding digital payments ecosystem and to promote public awareness of emerging financial‑crime risks.