Crime & Security

EOCO, Association Of Bankers Nab 4 for “Stealing” GHC200k Through SIM Swap Fraud

The Economic and Organised Crime Office (EOCO) in collaboration with the Ghana Association of Bankers (GAB), have arrested four (4) individuals involved in SIM swap fraud.

The four are said to have illegally withdrawn GHC200,000 so far.

According to a statement issued by EOCO, the four networked across the country and illegally accessed the accounts of some Ghanaians, from which they stole various amounts.

They were reportedly picked up from various locations in the country by officials of EOCO who were working closely with the banks.

The arrest comes after the Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah met with the CEO of the Ghana Association of Bankers, Mr. John Awuah with the quest to fight fraud in the sector which is a leading cause of revenue leakages.

SIM swap fraud occurs when fraudsters obtain a new SIM card from a person’s mobile service provider using the person’s registered phone number. They can get One-Time Passwords (OTPs) and other alerts required to conduct financial transactions through the person’s bank account with the help of this new SIM.

A total case count of 2,670 was recorded in the year 2020, as compared to 2,311 cases in 2019.

Losses incurred as a result of fraud for 2020 stand at GH¢25.40 million, as compared to an estimated loss of GH¢33.44 million in 2019, representing a 24.0% decrease.

Source: Fuseini

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