The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says technology alone cannot stop digital fraud if customers are tricked into giving away their pass
The report indicates that the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says technology alone cannot stop digital fraud if customers are tricked into giving away their passwords and PINs.
It further notes that he stated financial institutions can invest in secure applications, cybersecurity systems and stronger authentication tools, but fraudsters often bypass those protections by targeting the customer directly.
“One thing that we always forget is that we can protect the technology. We can protect it, prevent it from being hacked. Cyberattacks can be prevented. As we speak, we have FICSOC, the Financial Industry Command Security Operations Centre, where financial institutions are now adding fintechs to be connected to it to prevent cyberattacks,” Mr Asare said.
But he stated the harder problem is social engineering, where fraudsters manipulate customers into giving away the very security details meant to protect them.
“However, social engineering- how do you prevent it? If somebody downloads an MTN app, or somebody downloads a bank app, or an AT app, or a Telecel app, and they go through their process, and they call the person and say, ‘We are from such and such centre. Can you repeat the OTP?’”
He stated those details are part of the security layers designed to protect customers, but fraudsters are increasingly persuading victims to disclose them.
“Don’t forget that these are processes that are supposed to protect the customer. That is authentication. That same authentication, they call you for you to freely provide it, and you provide it,” he said.
“They call you again to say, can you add your PIN to it? How do you prevent that?”
Mr Asare was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”
The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.
The forum will bring together regulators, banks, fintech companies, telecommunications firms, security agencies and consumers to examine whether Ghana’s regulatory system is keeping pace with the growth of digital finance.
Mr Asare’s warning comes as Ghana’s digital payment ecosystem continues to expand rapidly.
The Bank of Ghana’s 2024 fraud report shows that banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.
The total value at risk increased by 13 per cent, from GH¢88 million in 2023 to approximately GH¢99 million in 2024.
