Bank of Ghana issues urgent alert on digital fraud as 'double-your-money' scams proliferate

The Bank of Ghana has stepped up public warnings against a surge in digital financial fraud, urging millions of Ghanaians using mobile money, internet banking and digital investment platforms to remain vigilant against scammers posing as legitimate financial institutions.

In a statement issued on Wednesday, October 7, the central bank specifically flagged so-called 'double-your-money' schemes, online Ponzi platforms and suspicious digital investment services that promise unusually high returns with minimal risk. These have become increasingly common in Ghana, where mobile money penetration is exceptionally high and financial literacy around investment risks remains uneven across the population.

What Ghanaians must protect

The BoG has emphasised that customers should never share sensitive financial credentials, including:

• Mobile Money and ATM Personal Identification Numbers (PINs)
• Internet banking passwords and One-Time Passwords (OTPs)
• Verification codes and Ghana Card information
• Account numbers and personal identification details

The central bank stressed a fundamental principle: legitimate financial institutions—banks, mobile money operators, payment service providers and telecommunications companies—will never request such information via unsolicited phone calls, text messages, emails or social media messages. Any such request is a red flag and should be treated as a potential fraud attempt.

Consumers are advised to be especially wary of unexpected investment opportunities, particularly those offering guaranteed returns or promising to double money in short timeframes. These classic hallmarks of investment scams have caught numerous Ghanaians off guard in recent years.

Why it matters for Ghana

Ghana's digital financial ecosystem has expanded dramatically over the past decade, making the country a regional leader in mobile money adoption. However, this growth has also created opportunities for fraudsters. The prevalence of 'double-your-money' and Ponzi schemes is particularly concerning because they often target lower-income Ghanaians seeking legitimate investment opportunities, leading to devastating financial losses for families already struggling with limited savings.

The BoG's warning reflects a real problem: as traditional banking services expand into digital channels, so too do the methods criminals use to exploit customers. The central bank's intervention suggests fraud cases have reached levels warranting a coordinated public awareness campaign.

Practical security steps Ghanaians should take now

To protect themselves, the BoG recommends Ghanaians:

• Monitor transaction alerts, bank statements and mobile money notifications regularly to spot unauthorised activity quickly
• Use strong, regularly updated passwords for all financial accounts
• Enable available security features, including biometric verification, two-factor authentication and transaction alerts
• Verify investment opportunities thoroughly before committing any money
• Avoid clicking links in unsolicited emails or messages, even if they appear to come from trusted organisations

The bank has also urged anyone who suspects fraud, notices unauthorised transactions, experiences a SIM swap attack or believes their account has been compromised to report immediately to their financial institution, mobile network operator or relevant service provider. Swift reporting can help prevent further damage and assist authorities in investigating fraud rings.