The Bank of
Ghana has identified SIM swap-related fraud as a major threat to individuals
and financial institutions in Ghana. This type of fraud involves fraudsters
taking over SIM numbers linked to banking accounts, leading to unauthorized
withdrawals.
According to
the Bank of Ghana's 2023 Fraud Report, SIM swap fraud is becoming increasingly
prevalent, targeting individuals who have banking applications on their mobile
phones and have linked their bank accounts to mobile money wallets.
“Analysis of
the 2023 data showed that fraud heightened in fraudulent withdrawals from
victims’ accounts, cyber/email fraud, and cash theft (cash suppression),” the report noted.
The report
reveals a 5% increase in fraud cases across the banking, Specialized
Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs)
sectors, resulting in a total of 15,865 fraud cases and a loss value of
approximately Gh¢88 million.
“Data collated
from the three sub-sectors (Banks, SDIs, and PSPs) indicated that overall, the
count of fraud cases increased to 15,865 in 2023 from 15,164 in 2022,
reflecting a 5% rise. These cases corresponded to total loss value of
approximately Gh¢88 million in 2023 as compared to GH¢82 million in 2022,
indicating an increase of about 7%,” it added.
The Bank of
Ghana outlined measures to mitigate these fraud trends, including enhanced
security measures and public awareness campaigns. The report which serves as a
warning to individuals and financial institutions to be vigilant and take
proactive steps to prevent fraud also highlighted other fraudulent activities,
including cyber/email fraud and cash theft, which contributed to the overall
increase in fraud cases.
By: Nana Appiah Acquaye
