Ghana: Bank of Ghana Warns Mobile Money Fraud is Driven by Social Engineering, Not Hacking

The Bank of Ghana (BoG) has cautioned mobile money users to remain vigilant against fraudsters, warning that most mobile money scams are driven by psychological manipulation rather than sophisticated cyberattacks.

The central bank said fraudsters are increasingly exploiting human behaviour through deceptive tactics, making consumer awareness one of the most effective tools in preventing financial losses.

Speaking on Joy FM’s Super Morning Show, Eric Cab-Beyuo, Head of the Fraud Investigations and Reporting Unit at the Bank of Ghana, explained that although fraud levels within the traditional banking sector have declined due to stronger internal controls and improved risk management, payment service providers (PSPs) continue to record rising cases of mobile money fraud.

According to him, the mobile money ecosystem remains particularly susceptible because criminals often rely on social engineering techniques to deceive users into voluntarily disclosing sensitive information.

Rather than deploying advanced hacking methods, fraudsters manipulate victims through fake phone calls, fraudulent text messages and other deceptive communications designed to create urgency or excitement.

“Fraudsters don’t usually use many hacking techniques. They simply play on people’s minds,” Cab-Beyuo said.

He explained that once scammers obtain personal information such as verification codes, PINs or other security credentials, they can gain unauthorised access to mobile wallets and initiate fraudulent transactions.

The Bank of Ghana is therefore encouraging consumers to exercise greater caution when responding to unsolicited communications, particularly messages claiming they have won prizes, promotions or competitions they never entered.

Cab-Beyuo advised users to carefully verify the authenticity of alerts, notifications and requests before sharing any confidential information or taking action.

He stressed that the ability to distinguish legitimate service communications from fraudulent messages is critical to protecting personal funds, noting that informed and vigilant consumers remain the strongest line of defence against social engineering attacks.

The warning comes as regulators and financial institutions continue to strengthen fraud prevention measures across Ghana’s rapidly expanding digital payments ecosystem, while promoting greater public awareness of emerging financial crime risks associated with mobile money services.