A recent report indicates that financial institutions recovered just 5% of fraud exposure in 2025. For Ghana’s mobile money and digital payment users, that figure suggests a growing challenge: if your account is compromised, recovery may be difficult.
The decline in recovery rates points to rising pressure in the payment services provider (PSP) sector — the companies that handle your MoMo transfers, card payments, and digital wallets. Reports suggest fraud cases are increasing, and recovery systems may be struggling to keep pace.
What’s happening to fraud recovery?
The 5% figure relates to fraud exposure recovered by financial institutions in 2025. While the exact scale and methodology aren’t fully detailed, the low percentage suggests significant losses remain unrecovered.
This likely reflects challenges in fraud detection and recovery systems. In Ghana, where mobile money platforms process high volumes of transactions, weak recovery rates place added responsibility on users to protect themselves.
What scams should you watch for?
Common payment fraud schemes include:
- Phishing messages: Fraudulent texts or messages claiming to be from your bank or MoMo service, asking you to “verify” or “update” your account. You click a link, enter your PIN or password, and attackers gain access.
- Fake customer service: Calls claiming to be from MTN or your bank, asking for your PIN “to fix a problem.” Legitimate services never ask for your PIN.
- Compromised vendor accounts: Transfers to what appears to be a legitimate merchant, but the account has been taken over. Your money goes to the fraudster instead.
- SIM swap: A scammer tricks your telecom provider into moving your phone number to a new SIM they control. They then reset your MoMo or bank app passwords and drain your account.
How to protect your account
Guard your PIN like your life depends on it. Never share it with anyone, even customer service staff. Cover the keypad when you type. Change it regularly.
Enable two-factor authentication (2FA) if available. This adds a second check — usually a code sent to your phone — before anyone can access your account or move money. It’s a friction point for attackers.
Use strong, unique passwords on any app tied to money. If you use the same password everywhere and one site leaks it, attackers try it on your bank and MoMo apps.
Set transaction limits on your MoMo account if your service provider offers it. This caps how much can leave your account in a single transaction, buying you time to notice a breach.
Monitor your account actively. Check your transaction history weekly. If you see something you didn’t authorize, report it immediately to your provider — the longer you wait, the harder recovery becomes (though the low recovery rate suggests most losses remain unrecovered).
Be skeptical of unsolicited contact. If someone calls, texts, or emails claiming there’s a problem with your account, hang up and call your provider directly using a number from their official website or app.
What should financial institutions be doing?
The low recovery rate also signals that banks and payment providers likely need stronger fraud detection systems, faster response teams, and better cooperation with law enforcement. But until those systems improve, your defense is your own vigilance.
The bottom line: Fraud in Ghana’s digital payment space appears to be rising, and institutions are recovering little of what’s lost. You cannot rely on being refunded. Protect your account, monitor it closely, and report suspicious activity immediately to your provider.
Leave a Reply