EXPLAINER: BoG issues 8 key financial literacy steps to improve secure banking experience

With Ghana’s population increasing to about 30 million in 2020, the number of persons with access to financial services will ultimately keep surging.

Banks and financial institutions have consistently placed secure banking practices at the core of their existence and have urged their customers to be circumspect in the current times of fraudulent and criminal activities.



Read full article/> But for one to navigate through their financial well-being and status, it is important for them to be equipped with the needed financial knowledge and skills for secure banking practices.

The Bank of Ghana on its part has been issuing educational circulars to advise individuals on some key banking practices and security.

GhanaWeb in this article takes a look at these key steps one can take to improve their experience with secure banking practices.

NB: The steps below are contained in the Bank of Ghana's Financial Literacy on Secure Banking Practices

Authenticate the identity of representatives from your bank

Your financial institution will not ask for any sensitive or personal information such as passwords and PINs through phone calls, SMS and emails. Always authenticate the identity of a caller claiming to be a representative of your bank.

Secure your ATM Cards

It is important to keep your ATM Card and information safe. The information on the Card could be used by criminals and fraudsters for transactions without your approval even if your PIN is unknown.

Protect your cheque book

Do not sign a blank cheque for a staff of a financial institution or any person for immediate or later withdrawal. It is also important to keep your cheque in a safe place.

Secure your personal data

Prevent theft identity of your identity at the banking halls or elsewhere by properly disposing of all documents containing personal data such as name, account number, contact information, signature, etc.

Ensure source of Funds received into your accounts is legitimate

Beware of funds you receive in your bank accounts for yourself or on behalf of other persons, as this may be subject to anti-money laundering and countering terrorism financing laws.

Always ensure the source of funds received in your account is legitimate. Do not allow anyone to use your bank accounts for transactions. You are responsible for the activities on your bank account.

Report suspicious transactions on your account

Regularly monitor bank transactions and bank account balances. Account-holders can also report any lawful and unauthorized or suspicious transaction on your account to the institution.

Use secure passwords, usernames and OTPs

Your banking application login credentials such as passwords, usernames and one-time passwords (OTPs) are highly sensitive and important assets in the digital world as the keys to your homes. It is vital to properly secure them.

Report unfair treatment by Licensed Financial Institutions

If you are unsatisfied by the service rendered by a licensed financial institution, report that institution to the Bank of Ghana to prompt redress.