How to Protect Your Bank Account From Fraud: ASJ Guide for Ghanaians

An Accra Street Journal Finance & Security Intelligence Brief

Executive Introduction

Financial fraud in Ghana is surging. The Bank of Ghana’s 2025 Fraud Report shows total reported fraud cases jumped 48 per cent from 16,733 in 2024 to 24,778 in 2025 . However, the headline obscures a critical distinction: while traditional banking fraud is declining, mobile money and digital payment fraud is exploding .

This is a crisis of social engineering, not hacking. The Bank of Ghana has explicitly warned that “fraudsters don’t usually use many hacking techniques—they simply play on people’s minds” . Psychological manipulation, not technical sophistication, is the primary tool of the modern fraudster.

This ASJ guide provides practical, actionable steps to protect your bank account and mobile money wallet, drawing on official Bank of Ghana data, bank security guidelines, and expert analysis.

Part 1: Know the Threat — Where Fraud Is Actually Happening

Understanding the threat landscape is the first line of defence.

The Banking Sector: Improving

The traditional banking sector is getting safer. Fraud cases in banks declined 34 per cent from 716 in 2024 to 472 in 2025, with the value at risk falling 24 per cent from GH¢75 million to GH¢57 million . Stronger internal controls and improved risk management are working .

However, internal fraud remains a concern. 219 bank staff were implicated in fraud in 2025, with 75 dismissed . Cash suppression (the removal of cash from circulation without proper documentation) accounted for 63 per cent of staff-related fraud cases, with an outlier GH¢36 million case distorting the statistics .

The Digital Danger Zone: Payment Service Providers (PSPs)

The real threat is digital. PSP fraud cases—largely mobile money—nearly doubled in a single year (98 per cent increase), with the value at risk rising 42 per cent to GH¢37 million . Over a four-year period, PSP fraud cases increased by 98 per cent .

Why PSP fraud is surging:

• Rapid transaction volume growth — more transactions mean more opportunities 

• Relatively lower digital literacy among users 

• Fraudsters exploiting interconnected systems — moving money between bank accounts, mobile wallets, and crypto platforms 

The Bank of Ghana attributes the PSP surge to Ghana’s substantial financial inclusion success—a consequence of the ecosystem’s rapid expansion .

Part 2: The Most Common Scams — How Fraudsters Actually Get You

The Bank of Ghana has been unequivocal: mobile money fraud is driven by social engineering, not hacking .

Social Engineering — The Art of Psychological Manipulation

“The fraudsters don’t usually use many hacking techniques. They just play on our minds.” — Eric Cab-Beyuo, Head of Fraud Investigations and Reporting Unit, Bank of Ghana 

Fraudsters use deceptive tactics to manipulate victims into voluntarily disclosing sensitive information—verification codes, PINs, or security credentials . They create urgency or excitement through fake phone calls, fraudulent text messages, and fabricated promotions .

Common Scam Patterns

The Abu Trica Warning — A Cautionary Tale

The arrest of Frederick Kumi, popularly known as Abu Trica, has become a cautionary example. Financial expert Jonathan Syme warned Ghanaians to avoid allowing others to use their bank accounts for sending or receiving money. Even seemingly innocent actions—like receiving a stipend on someone else’s behalf—can inadvertently implicate individuals in criminal investigations .

Part 3: How to Protect Your Account — Practical Steps

1. Never Share Your Banking Credentials

This is the single most important rule. Your bank will never ask for your PIN, password, or token code via phone, SMS, or email .

2. Shield Your PIN

When conducting transactions at ATMs or POS terminals, always shield your hand to protect your PIN from “shoulder surfing” fraudsters .

3. Use Strong, Unique Passwords

Avoid using easily guessed passwords like your date of birth or year of birth. “Anyone who knows you or is close to you can compromise you” . Create strong, complicated passwords and change them often .

4. Verify the Website URL

When using internet banking, always type the official bank URL directly into your browser. Fraudsters create fake websites that look identical to your bank’s to steal your credentials .

Checklist for website safety:

• Look for “https://” (the ‘s’ stands for secure)

• Ensure the URL matches your bank’s official domain exactly (e.g., https://cbg.com.gh)

• Watch for slight misspellings (e.g., cbg-ghana.com)

5. Subscribe to SMS Alerts

Enable SMS or push notifications for all transactions. If you see a transaction you cannot explain, report it immediately to your bank .

6. Regularly Check Your Statements

Review your bank account statements and card transactions regularly. If you notice anything suspicious, report it immediately .

7. Be Sceptical of Cold Callers

Seeing a phone number or email address you recognise does not mean it is genuine. Always give cold-callers a cold reception. If you receive an unsolicited call requesting banking details, end the call and report it .

8. Avoid Using Your Account for Others

Never allow others to use your bank account for sending or receiving money. You risk being implicated in money laundering or fraud investigations .

9. Use Prepaid Cards for Online Subscriptions

The Chief Executive of the Ghana Association of Banks, John Awuah, recommends using prepaid cards for online subscriptions to limit potential losses in the event of fraud .

Part 4: What to Do If You Suspect Fraud

If you suspect your account has been compromised, act quickly:

1. Report immediately to your bank via their official customer service line .

2. Contact the Bank of Ghana for unresolved issues through their official channels .

3. Report suspicious transactions promptly—every hour counts .

Reporting Contacts

• Your Bank’s Official Customer Service: Use only the numbers on your bank’s official website or app.

• Bank of Ghana Financial Stability Department: For unresolved complaints .

• Police CID (Commercial Crime Unit): For criminal investigations.

Conclusion: Vigilance Is Your Best Defence

Financial fraud in Ghana is shifting from traditional banking to the digital payments ecosystem—a consequence of the country’s remarkable financial inclusion success . The threat is real: 24,778 fraud cases, GH¢101 million at risk, and a 48 per cent surge in reported incidents .

But the most important truth is this: the fraud is largely preventable. As the Bank of Ghana has made clear, fraudsters rely on psychological manipulation, not technical hacking . The strongest line of defence is an informed, vigilant consumer .

Your best protection is not technology—it is awareness. Protect your credentials, verify everything, and trust your instincts. If something feels wrong, it probably is.

Quick Reference: Fraud Protection Checklist

Last Updated on July 10, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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