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.