The Economic and Organised Crime Office (EOCO) in collaboration with the Ghana Association of Bankers, has arrested four persons in connection with SIM swap fraud.
The four suspects were picked at various locations in the country for conspiring and illegally operating accounts of some Ghanaians to steal various amounts of money.
SIM swap fraud occurs when fraudsters use a person’s registered phone number to obtain a new SIM card from the same person’s mobile service provider.
Once they get access to the new SIM Card, they are able to get One Time Passwords (OTPs) and other alerts required to conduct financial transactions through the person’s bank account.
EOCO after conducting its investigations found out that the suspects had managed to withdraw an amount of about GH¢200,000 during their operations before their cover was blown and arrested.
The suspects are due for interrogation and will be arraigned later this week on various charges.
This operation by EOCO comes months after the Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah (Mrs) engaged the Chief Executive Officer of the Ghana Association of Bankers, John Awuah to partner and improve efforts in the fight against fraud in the sector which is leading to revenue leakages.
Commenting on the successful operation, John Awuah applauded his Association’s collaborative efforts with EOCO to arrest the fraudsters.
He cautioned fraudsters to desist from their actions as banks have enhanced cooperation with security agencies to get rid of fraudsters in the banking sector.
The banking sector fraud report released in 2020 by the Bank of Ghana recorded a marginal increase in reported fraud incidents with a minimal decrease in losses.
The reduction in losses was mainly due to a reduction in the rate of success for most fraud types.
A total case count of 2,670 cases was recorded in the year 2020, as compared to 2,311 cases in 2019.
The reported value of fraud for 2020 was GH¢1.0 billion, as compared to GH¢115.51 million recorded in 2019.
Latest Stories
-
Agogo Presby Hospital celebrates staff over zero maternal death record
40 mins -
Ghana isn’t broke to procure high and low-voltage poles – Energy Minister
40 mins -
Appiatse residents handed keys to newly constructed homes
48 mins -
Dreams FC trainer Karim Zito sets sights on defending MTN FA Cup
52 mins -
Dumsor: Mahama the only President to superintend ‘dum dum’ for 4 years – Opoku Prempeh
1 hour -
Burnley sign partnership deal with fan-backed scouting platform Nordensa
1 hour -
Akesse Brempong, MOG Music, Afronita, Dope Nation to perform at Nsoromma Season 6 Grand Finale
1 hour -
Hopeson Adorye to form ‘Jail Them’ advocacy group
3 hours -
Shatta Wale once cried and knelt to apologise to Mahama – Dr Lawrence Tetteh
3 hours -
Former UK Prime Minister Boris Johnson turned away from polling station after forgetting photo ID
3 hours -
Nigeria soldiers face trial for deadly air strike ‘mistake’
3 hours -
Akufo-Addo, Otumfuo to commission Kumasi International Airport on May 10
3 hours -
PWDs who gain admission into tertiary institutions will be prioritised with government scholarships – Bawumia
3 hours -
Strongman regrets involving Fella Makafui in Medikal feud
3 hours -
NPP must unite now or perish later – Ameyaw-Akumfi warns
3 hours