Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, says technology alone cannot protect digital finance users who expose their passwords, PINs, ATM cards, phones and account details to fraudsters.He says banks have invested heavily in cybersecurity infrastructure and are required to comply with strict security standards, but the customer remains a critical part of the security chain.“Banks are heavily regulated. The Bank of Ghana will not allow banks to operate unless they comply with major security standards and certifications. Banks have invested heavily in cyber security infrastructure. But what can systems do if the people using them remain vulnerable? That is why users themselves are a critical part of the security chain,” he explained.Mr. Awuah 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, payment service providers, telecommunications firms, cybersecurity experts, businesses and consumers to examine how fraud is affecting confidence in Ghana’s digital economy.Mr. Awuah said the biggest weakness in many digital fraud cases is not always the bank’s system or the payment architecture. In many cases, he said, customers expose themselves through poor security habits.He said once another person gains access to a customer’s device, the risk can spread across several financial channels.“From our investigations, a lot of digital fraud involves some level of customer complicity or vulnerability. People write down PINs, store passwords on phones, share ATM cards and give access details to others. Once somebody gains access to your device, they may gain access to your internet banking, your passwords, your mobile wallet and your financial information. People must understand that once they choose to operate within the digital financial space, they also have a responsibility to protect themselves,” he said.His comments come as Ghana’s digital payment ecosystem continues to expand.The Bank of Ghana’s 2024 Payment Systems Oversight Annual Report says Ghana’s payment landscape remained “buoyant and robust” in 2024 as adoption of digital payments increased. The central bank said it focused on effective oversight of players within the space to keep risks associated with digital payments at a minimum.Available data from the report shows payment service providers processed about 8.1 billion transactions valued at approximately GH¢3 trillion in 2024, underscoring the scale of activity now flowing through digital channels.But fraud exposure has also remained a major concern.The Bank of Ghana’s 2024 fraud report covers attempted and successful fraudulent activities recorded by banks, specialised deposit-taking institutions and payment service providers from January to December 2024.For payment service providers, the Ghana Association of Banks’ overview of the report shows that fraud cases rose by seven percent to 15,673 in 2024, while the value at risk increased by 18 percent to approximately GH¢19 million.The Association of Banks CEO said banks are seeing fraud move into digital channels because customers are increasingly using mobile platforms, internet banking, cards and electronic payments.He further indicated that banks have invested aggressively in digital channels to make financial services easier and faster for customers, but every new layer of convenience introduces new risks. “A lot of fraud has moved away from the traditional ‘break and enter’ environment, where criminals physically attacked bank branches. Now, fraud is increasingly moving into the digital arena. We are seeing ATM fraud, card fraud, digital banking fraud, mobile and electronic payment fraud. The numbers we are recording are quite alarming, and that is why we are deeply concerned about the trend. Today, you no longer see the long queues that used to exist in banking halls.”“Banks have invested aggressively in digital channels, internet banking and mobile platforms. These systems allow customers seamless access to financial services wherever and whenever they want. But every convenience introduces risk, and fraudsters are exploiting that risk,” GAB CEO indicated.One of the common methods, he said, is social engineering. Fraudsters call customers pretending to be bank officials, claim that systems are being updated and ask them to click links or provide information.He said fraudsters also use fake emails that appear legitimate at first glance. “People receive calls from fraudsters pretending to be from banks. Someone may call and say, ‘I’m speaking from Fidelity Bank, Ecobank, Standard Chartered.’ Then they claim, ‘We are updating our systems. Please click this link.’ Unfortunately, many customers fall for these scams. Fraudsters are using psychological manipulation to obtain information from people. Sometimes they send emails pretending to come from banks. At first glance, the email appears legitimate. But if you examine it carefully, you realise the address is fake. Banks will never remotely ask you to confirm sensitive information. Customers must pay attention to these details,” he further said.The concern mirrors an earlier warning by the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, who said technology can protect systems from hacking, but users can still be manipulated into surrendering the very authentication details meant to protect them.He said fraudsters can call a customer after the customer has downloaded a bank, mobile money or telecom app and ask for a one-time password.“They call Evans and say, Evans, we are from such and such centre. Can you repeat the OTP? Don’t forget that these are processes that are supposed to protect the customer. That same authentication level, they call you for you to freely provide it. You provide it. They call you again to say, can you add your PIN to it? How do you prevent that?” he said.Mr. Awuah said the speed of digital transactions also makes prevention more important than recovery.He further indicated that the money can be moved through several platforms and even used outside Ghana.According to him, banks are investing in systems to detect and interrupt fraud, but criminals continue to adapt.He said a greater percentage of fraud incidents can be prevented if customers are more careful.“The fraudster may even be sitting in Ghana while conspirators are in Dubai, Malaysia, South Africa or India. The fraud happens here, but the money is utilised elsewhere. Banks are investing heavily in systems to proactively detect and interrupt these incidents. But fraudsters are constantly evolving. They stay ahead of the curve.”“A greater percentage of fraud incidents can actually be prevented if customers are careful enough. Banks have systems to stop fraud. But because funds can move across multiple platforms within minutes, fraudsters use speed to break the trail. So it becomes a matter of system control, ecosystem collaboration and collective vigilance. All players within the ecosystem must invest in the right security systems,” Mr. Awuah added.The Bank of Ghana has also warned that cyber risks in the financial sector are becoming more complex because financial institutions are increasingly connected. In a 2025 speech on the Financial Industry Command Security Operations Centre, the central bank said cyber risks are “stealthy, adaptive and borderless,” and that one weakness in an institution can cascade into wider systemic threats.Mr Awuah said that level of ecosystem collaboration is important because banks, fintechs, electronic money issuers and payment service providers now operate in one connected financial chain.For him, the lesson is that financial security cannot be left to banks alone.Customers must stop writing down PINs, storing passwords on phones, sharing ATM cards, giving devices to others and clicking suspicious links.Banks and fintechs must keep investing in security systems. Regulators must enforce standards across all payment points and the industry must share intelligence fast enough to match the speed of digital fraud.Mr Awuah warned that if convenience is placed too far above security, the financial ecosystem risks damaging the very thing that keeps digital finance alive.“If we place convenience excessively above security, we risk destroying the most important currency within the financial ecosystem: trust. Trust breaks when confidence in transaction security breaks down,” he suggested.That trust question sits at the centre of the maiden Digital Economy Forum.As Ghana pushes deeper into digital payments, the challenge is not only whether banks and fintechs can build secure systems.It is also whether users can become disciplined enough to protect themselves within those systems.