The Telcos have begun undertaking major modifications to their security systems, especially on the mobile money apps after a Bank of Ghana (BoG) fraud report on banks.

Specialised deposit-taking institutions and payment service providers revealed that mobile money scammers made away with customers' money totaling GH₵26 million from 12,166 cases in 2022.

Apart from the fraud on the mobile money platforms, it also revealed that banks recorded 2,998 fraud cases with 188 bank staff involved.

Forgery and manipulation of documents were prominent with a total of GH₵ 33million stolen.

According to the report, another issue on the rise is fraudulent withdrawal including money being illegally taken from consumer's accounts. This has resulted in the loss of GH₵7 million with the assistance of banks and SDI workers.

The report observed that cheque fraud resulted in the loss of GH₵5million, adding that cloned cheques were the most prevalent.

According to the report, all fraud reported by payment service providers in 2022 were mobile money-related and totaling GH₵27 million. Some recoveries were however made which lowered the actual loss to GH₵26million.

In a related development, a repented mobile money scammer has revealed their modus operandi.

Speaking on Asempa FM, he said they operate in a gang with some of their operatives planted as mobile money agents or merchants which makes it possible for customer’s details to be captured during a transaction.

“We have a code to redo all your registration information including your ID number. So after the day’s work, we access the log and start calling the numbers to get your code, having in mind the amount in your account,” he said.

He added that there are times, when they plant CCTV cameras at their centers to get the customer's code or get someone to look over their shoulders to get the code directly.

Meanwhile, in an interview on Joy FM’s Mid-day news on Friday, the Head of Financial Stability at the Bank of Ghana, Dr. Joseph France says measures have been put in place to ensure that control is strengthened.

He added that the bank in its own way is “trying to get data to share with people on a need-to-know basis.”

“Before we get to publish this report, there are structures that we have to put in place to handle these things.”

He urged the public to be cautious.