The Bank of Ghana has warned that rising fraud cases in the financial sector are increasingly concentrated in the mobile money space, with fraudsters relying more on psychological manipulation than sophisticated hacking techniques.
The Head of the Bank’s Fraud Investigations and Reporting Unit, Eric Cab-Beyuo, said commercial banks and specialised deposit-taking institutions have recorded improvements in reducing fraud cases due to stronger internal controls and enhanced regulatory measures. However, he noted that payment service providers, including mobile money operators, continue to face growing challenges.
He explained that many mobile money fraud cases result from social engineering tactics, including fake calls, fraudulent messages and deceptive schemes used to trick customers into disclosing sensitive information.
Mr. Cab-Beyuo urged mobile money users to remain cautious, particularly when they receive unexpected calls, messages or claims of winning prizes in competitions they did not enter. He stressed that fraud cases involve actual financial losses and require continued efforts by institutions and customers to strengthen security measures.