The Bank of Ghana (BoG) has served notice that a number of financial institutions are falling victim to a new method being adopted by fraudsters to dupe banks and other financial institutions.

The central bank said it therefore raising awareness among the institutions and Ghanaians in general in order to prevent the recurrence.

An alert issued and signed by Dr. Joseph France Head of Financial Stability Department said: “Monthly Fraud reports and fraud incident reports submitted by institutions over the last quarter has revealed that a persistent fraud type that increasing number of institutions are falling victim. ( Per its mandate, the Bank of Ghana intends to raise awareness among the institutions to this particular fraud to help them minimize its recurrence.”

It added: “As part of the process, the staff would be asked to enter certain codes on the mobile platform. The codes entered lead to the debiting of the bank’s mobile wallet.”

“The designated officials shall be at the management level at the branch/agency typically Branch Manager of Operations. The designated MoMo staff must not take instructions directly from the Telco’s representatives.”

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