GCB Bank PLC has urged the public to be vigilant against financial scams, warning customers not to share their passwords, personal identification numbers (PINs), and card details with people claiming to represent banks and other trusted institutions.
The bank also advised customers to verify suspicious calls, text messages and online offers through official channels before taking action, as fraudsters increasingly exploit people’s fear, trust and desire for quick financial gains to steal money and personal information.
The GCB Bank’s Chief Information Security Officer, Illiaso Zango, said this during a fraud awareness discussion held on Thursday, October 22, under the theme ‘Inside the Scammers’ Playbook‘.
The event, which forms part of the bank’s customer service month, brought together stakeholders from the financial and security sectors to discuss how fraudsters operate and the steps individuals can take to protect themselves.
Speaking at the event, Mr Zango said safeguarding customers’ money and personal information was central to maintaining the trust they placed in the bank.
“This topic is very important and dear to my heart. The reason is that we are in business because you entrust us with your money, your personal data,” he said.
He explained that criminals were constantly looking for ways to undermine that trust and take advantage of weaknesses in people’s judgement.
“The foundation of the trust that you’ve reposed in us is security, because you think we are secure. And indeed, we are secure,” he said.
Mr Zango said GCB Bank had protected customers’ money and personal information for more than 70 years, adding that continued public education was necessary to maintain that confidence.
Mr Zango urged customers to think carefully before responding to messages or calls that require them to share information, make payments, or carry out financial transactions.
He encouraged the public to verify requests before acting and to report suspected fraud immediately.
“Before you click, you have to pause, think carefully, and verify before you act,” he said, adding that “if you acted wrongly, you report it, and report it immediately.”
According to Mr Zango, scammers often create a sense of urgency to pressure their targets into making decisions without checking whether the information they receive is genuine.
He said some fraudsters send messages warning customers that their accounts will be blocked within 24 hours or that money is being transferred without their permission.
He said such messages are designed to frighten customers into acting quickly, often before they have time to contact their banks.
“They capitalise on the vulnerabilities as human beings, the fear,” he said.
Mr Zango noted that fraudsters also take advantage of people’s trust in established institutions, including banks, telecommunications companies and security agencies.
He explained that a caller claiming to represent GCB Bank, the Cyber Security Authority or MTN may be more likely to gain a person’s confidence because of the reputation of the institution they pretend to work for, and warned customers against assuming that a caller was genuine simply because the person mentioned a familiar organisation or appeared to know their personal details.
Mr Zango also identified greed and the desire to receive free products or services as other factors that make people vulnerable to financial scams.
He said criminals often use offers that appear unusually attractive to persuade customers to engage with them.
He cited an example in which fraudsters send messages claiming that a bank is abolishing all charges on mobile banking services or ATM cards, then ask customers to provide personal information to benefit from the offer.
“Most of the time, it’s our greed, unfortunately. And freebies,” he said, describing some of the tactics used to lure unsuspecting customers.
He urged the public to be cautious about promotions that appear too good to be true and to verify them directly with the institution concerned.
Mr Zango also said that fraudsters sometimes discourage their targets from contacting their banks or speaking to people nearby, hoping to prevent them from discovering the deception and warned customers never to disclose sensitive financial information to callers, even when they claim to be calling from a bank.
He said scammers may request one-time passwords (OTPs), banking passwords, card numbers, expiry dates and the three-digit card verification value (CVV) printed on payment cards.
They may also claim that a transfer has been sent to the wrong account and ask the recipient to provide information to reverse the transaction.
Mr Zango stressed that customers must not allow familiarity or pressure to override caution.
“The bank will never ask you for your PIN, password, or your card data. GCB knows you. We already have that data. We won’t call you and ask for that,” he said.
He urged customers to save their bank’s official contact number on their phones so they can quickly check suspicious requests.
Where a message contains a telephone number, he advised customers not to use that number to verify the message. Instead, they should use a contact number obtained independently from the bank’s official website or another trusted source.
Mr Zango said customers should also avoid clicking on links received through unsolicited text messages or WhatsApp messages, particularly those asking them to update their banking applications.
He advised customers to download the GCB mobile banking application only from the official Apple App Store or Google Play Store.
“If you even get a link saying that update, please don’t click on that link. Just go to Google Play Store, look for the app, and update it from there,” he said.
The bank’s information security chief also urged customers to treat their mobile phones as they would their wallets, given the growing use of mobile devices for banking and other financial transactions.
He warned that an unlocked phone could expose banking applications, OTPs, emails and other sensitive information to criminals or people with access to the device.
Customers were advised to protect their phones with strong screen locks and avoid allowing other people to control their devices remotely.
Mr Zango also encouraged the public to use strong passwords that cannot easily be guessed from personal information such as dates of birth, children’s birthdays, pet names, school names or nicknames.
He recommended the use of password managers to generate and store complex passwords securely. However, he cautioned against writing PINs on pieces of paper kept with payment cards or sharing passwords with friends and family members.
“Treat them like your toothbrush. No one shares his toothbrush,” he said, stressing that passwords and PINs should remain private.
Customers were also advised to exercise caution when shopping online, particularly on unfamiliar websites that may be designed to collect payment card details.
Mr Zango said criminals could use stolen card information, including expiry dates and CVVs, to carry out unauthorised transactions through online payment platforms and financial technology applications.
He urged customers to use trusted merchants and ensure that their cards remain within sight when making payments at shops or using point-of-sale terminals.
The public was also warned against handing payment cards to strangers who offer assistance at ATMs.
Mr Zango said customers should contact their banks immediately if their mobile phones were lost or stolen.
He explained that a phone linked to a bank account could provide access to financial applications, messages and OTPs that criminals might use to compromise an account.
He said GCB Bank could unlink a reported device from the customer’s account to prevent it from being used to access mobile banking services.
Customers were urged not to delay reporting a missing device until the next working day, particularly if it was lost during a weekend.
He advised them to contact the bank’s customer service centre and their mobile network operator as soon as possible.
The bank also encouraged customers to protect their personal information when using printing and photocopying services.
Mr Zango warned that documents containing sensitive details, including Ghana Card information and telephone numbers, could be used by criminals to target individuals.
He advised customers to collect documents containing personal information after printing and dispose of unwanted copies securely rather than leaving them in public rubbish bins.
Mr Zango stressed that anyone who suspects they have been scammed should report the incident to their bank immediately.
He said a quick report could give the bank an opportunity to contact the receiving bank or mobile money provider and attempt to stop or recover the funds.
“When you call us, we may be able to recall the funds, or ask the destination bank, or the mobile money provider, the MTN, or Telecel,” he said.
He cautioned, however, that recovery was not guaranteed and depended on the circumstances of the transaction and how quickly the incident was reported.
“If you report it on time, we may be successful,” he said.
Customers were also advised to preserve evidence, including suspicious messages, telephone numbers, transaction details and other information that could assist investigations.
Mr Zango said GCB Bank could disable access to an account through digital channels while it investigated a suspected fraud incident.
He encouraged customers to block their cards through the bank’s mobile application if they suspected their card details had been compromised.
He added that victims could report suspected crimes to the police or the Cyber Security Authority, depending on the circumstances.
Mr Zango emphasised that financial fraud could affect anyone, regardless of their knowledge or professional experience.
He cited examples of experienced people in the financial sector who had reportedly fallen victim to scams, warning the public against assuming that they were immune.
“Don’t think it cannot happen to you. It can happen to you,” he said.
The Chief Executive Officer of the Ghana Association of Banks, John Awuah, called for greater cooperation among financial institutions, telecommunications companies and financial technology providers to combat fraud and improve the recovery of stolen funds.
He commended GCB Bank for taking its fraud awareness campaign to customers and students, describing public education as an important part of the fight against financial crime.
“GCB has taken the bull by the horns. In addition to what the association is doing to educate the general public about fraud, they are also taking the message to their customers and to students and to everyone because fraud is not a respecter of anybody,” he said.
Mr Awuah urged banks, payment service providers, fintech companies and mobile money operators to share information about fraud cases and work together to prevent further losses.
He said that criminals often share information and use coordinated methods to target victims, making cooperation among financial service providers increasingly important.
“If the fraudsters, as we have learned here today, are sharing intelligence, we have no business not sharing intelligence,” he said.
He called for stronger collaboration and investment in shared systems that could help institutions identify suspicious transactions and respond more quickly when fraud occurs.
Mr Awuah said improved cooperation could increase the chances of recovering funds, even in cases where customers had inadvertently given fraudsters access to their accounts.
He described the ability of financial institutions to help customers recover losses as important to maintaining public trust in the banking system.
He also urged other banks and financial service providers to organise similar public education activities to help people understand how scams work and how to protect themselves.
GCB Bank’s Chief Marketing, Communications and Customer Experience Officer, Cynthia Ofori Dwumfour, said the fraud awareness programme formed part of the bank’s activities for Customer Service Month in October.
She explained that protecting customers required more than securing the bank’s systems, making public education an important part of its efforts.
“GCB is, as a responsible bank, your bank for life, and takes our customers’ safety very seriously,” she said.