MoMo fraud relies on psychological manipulation, not hacking - Bank of Ghana

Financial fraud involving mobile money remains a significant challenge in Ghana, with experts warning that scammers are increasingly relying on psychological tactics rather than complex technical hacking to steal funds.

Eric Cab-Beyuo, Head of the Fraud Investigations and Reporting Unit at the Bank of Ghana (BoG), highlighted the trend during a discussion on Joy FM’s Super Morning Show.

He explained that while the commercial banking sector has seen progress in reducing fraud cases through improved internal controls, Payment Service Providers (PSPs) — which facilitate mobile money services — continue to report increases in both the number and value of fraudulent incidents.

Cab-Beyuo emphasised that the mobile money sector is particularly vulnerable because fraudsters frequently use "social engineering" rather than traditional hacking methods.

"The fraudsters don't usually use many hacking techniques. They just play on our minds," Cab-Beyuo said.

According to the BoG official, scammers use manipulative methods, such as making fake phone calls and sending deceptive SMS alerts, to trick users into revealing sensitive information. Once they gain access to a user’s personal details, they can infiltrate mobile wallets to transfer money unauthorised.

To combat this, the Bank of Ghana is urging mobile money users to remain alert to common warning signs of fraud.

Cab-Beyuo specifically warned the public to be cautious of unsolicited messages claiming they have won prizes in competitions they never entered.

He stressed that users must be able to distinguish between genuine service alerts and those designed to facilitate financial loss, as awareness is the most effective defence against these manipulative tactics.