In the wake of the threat posed by mobile money and digital fraud to Ghana’s fast-growing digital economy, a finance and banking expert, Dr. Richmond Atuahene is urging regulators to move beyond traditional supervision and adopt a more aggressive, technology-driven strategy to protect consumers and restore confidence in digital financial services.
In a comprehensive policy paper on tackling mobile money and digital fraud, Dr. Atuahene outlines a series of strategic interventions that place the Bank of Ghana (BoG), the Cyber Security Authority (CSA), the National Communications Authority (NCA), banks and mobile network operators at the centre of the fight against the increasingly sophisticated cybercriminals.
His recommendations range from AI-powered fraud monitoring and stronger customer authentication to a groundbreaking fraud compensation framework that could hold service providers financially liable for security failures.
A Growing Threat Demands a New Regulatory Response
According to Dr. Atuahene, the majority of mobile money and digital fraud cases in Ghana are driven by social engineering, where fraudsters manipulate victims into revealing sensitive information such as PINs, passwords and one-time verification codes.
As a result, combating fraud requires more than technological solutions. It demands a coordinated framework that addresses both system vulnerabilities and human behaviour. He argues that regulators must now adopt a multi-layered strategy that combines technology, regulation, consumer education and institutional collaboration.
1. Strengthen Authentication and Digital Security Standards
One of Dr. Atuahene’s foremost recommendations is for the Bank of Ghana to compel banks and mobile network operators to significantly strengthen digital security controls.
This would include enhanced multi-factor authentication, stronger transaction verification procedures, real-time alerts for suspicious transactions, additional protections for high-risk channels such as USSD banking, electronic transfers, and card-not-present transactions.
He believes digital security should evolve from static passwords and PINs to dynamic authentication systems that continuously verify users while maintaining strict data privacy standards.
The goal, he says, is to make it significantly harder for fraudsters to exploit weaknesses in customer authentication systems.
2. Introduce a Fraud Compensation Framework for Victims
Perhaps the most transformative recommendation is Dr. Atuahene’s call for a formal fraud compensation framework similar to the model used in Kenya.
Under the proposal, banks and mobile network operators would be held accountable for losses resulting from security failures within their systems. If unauthorized transactions occur because of internal vulnerabilities, weak identity verification processes, or inadequate cybersecurity controls, service providers could be required to compensate affected customers.
The framework would also establish clear timelines for investigations and claims resolution, ensuring victims have an accessible path to recover lost funds.
According to Dr. Atuahene, such a policy would create stronger incentives for institutions to invest in advanced security infrastructure while improving consumer confidence in digital financial services.
3. Make AI-Powered Fraud Monitoring Mandatory
With fraud schemes becoming increasingly sophisticated, Dr. Atuahene argues that traditional monitoring systems are no longer sufficient.
He wants the Bank of Ghana to require financial institutions and mobile money operators to deploy Artificial Intelligence, machine learning and behavioural analytics technologies capable of detecting suspicious activity in real time.
These systems would continuously monitor mobile money transactions, bank transfers, digital lending activities, cross-channel transactions, and customer behavioural patterns.
Rather than waiting for fraud to occur, AI-powered systems can identify anomalies, assign risk scores, and flag suspicious transactions before funds are transferred.
Dr. Atuahene believes proactive detection will become one of the most effective weapons against digital fraud.
4. Tighten Customer Verification Through Biometrics and Blockchain
Another major recommendation focuses on strengthening identity verification procedures. Dr. Atuahene proposes that regulators require service providers to integrate biometric authentication technologies such as fingerprint verification, facial recognition, and liveness detection.
These technologies would make it significantly more difficult for fraudsters to create fake accounts using forged documents or stolen identities. He also advocates the use of blockchain-based document verification systems to ensure the authenticity of customer records and reduce opportunities for forgery.
Combined with stronger multi-factor authentication, these measures could dramatically reduce identity-related fraud.
5. Launch a National Anti-Fraud Education Campaign
Recognizing that many scams succeed because of human error rather than technological weaknesses, Dr. Atuahene is calling for a nationwide public education drive.
He recommends that regulators require banks and mobile operators to continuously educate customers about emerging fraud tactics, particularly Voice phishing (vishing), SMS phishing (smishing), Fake mobile money reversals, SIM-swap scams, and Credential theft schemes.
Customers should be regularly reminded never to share PINs, OTPs or passwords and to avoid responding to suspicious calls, messages or pressure tactics.
He also wants continuous fraud-awareness training for frontline staff, customer service teams, and mobile money agents to ensure institutions remain ahead of evolving fraud techniques.
6. Create Direct Reporting Channels and Strengthen Industry Collaboration
Dr. Atuahene believes fraud reporting remains fragmented and often delays intervention. To address this, he proposes dedicated channels that allow consumers to directly report suspicious phone numbers, fraudulent transactions, and rogue mobile money agents to regulators.
Under the proposal, reports would be routed to:
* The Bank of Ghana’s Consumer Protection and Market Conduct Office;
* The National Communications Authority;
* Relevant financial institutions and telecom operators.
He further recommends aggressive intelligence-sharing arrangements among regulators, telecom companies and banks to rapidly block fraudulent accounts, deactivate compromised SIM cards and stop scam campaigns before they spread.
Tackling Caller ID Spoofing and SIM-Swap Fraud
A specific area of concern for Dr. Atuahene is caller ID spoofing, where criminals disguise their phone numbers to impersonate banks, telecom companies and government institutions.
To combat this growing threat, he wants the Bank of Ghana, the National Communications Authority, the Cyber Security Authority and telecom operators including MTN, Telecel and AirtelTigo to collaborate on phone number masking technologies.
Drawing lessons from Kenya’s M-Pesa ecosystem, he argues that masking transaction-related numbers and strengthening protections against SIM-swapping could significantly reduce fraud opportunities.
Regulators Must Move from Compliance to Continuous Risk Monitoring
Dr. Atuahene is calling for a broader shift in regulatory philosophy. Rather than relying primarily on periodic compliance reviews, regulators should embrace continuous risk assessment and real-time supervision.
Financial institutions should be required to maintain:
* Detailed audit trails;
* Transparent fraud reporting systems;
* Robust governance structures;
* Demonstrable risk management frameworks.
The Bottomline
Dr. Atuahene concludes that defeating mobile money and digital fraud will require collective action from every stakeholder in the financial ecosystem.
While fraudsters continue to exploit emerging technologies to devise new schemes, he believes Ghana can stay ahead through stronger regulation, smarter technology, public awareness and deeper collaboration among the Bank of Ghana, Cyber Security Authority, National Communications Authority, banks and mobile network operators.
