Ghana Banks Association, EOCO grab 4 persons for GH¢200,000 fraud
Some four persons engaged in sim swap fraud have been nabbed through the joint effort of the Economic and Organized Crime Office(EOCO) and the Ghana Association of Banks.
Information from the representative of the Ghana Association of Banks, Mr Ransford Nana Addo Jnr suggests that the suspects were arrested at various locations in the country for colluding and illegally transacting business in the accounts of some Ghanaians from which they stole various amounts.
They were able to withdraw an amount of about GH¢200,000 in their modus operandi before they were exposed and subsequently apprehended by the security agency which was working closely with the banks.
Such instances occur when fraudsters obtain a new SIM card from a person’s mobile service provider using the person’s registered phone number.
This makes them get access to One-Time Passwords (OTPs) and other alerts needed to conduct financial transactions through the person’s bank account with the help of the new SIM.
Per the banking sector fraud report released by the Bank of Ghana in 2020, there was a significant increase in reported fraud incidents with a minimal decrease in losses.
The reduced losses were attributed 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
High values recorded in attempted correspondent banking fraud (forgery of SWIFT advice) accounted for the notable increase in the value reported.
Though there were no losses in the banking sector incurred from any of the correspondent banking fraud attempts, it posed a reputational risk to some banks, whose staff were found culpable in two of the three reported incidents.
Losses incurred as a result of fraud for 2020 stood at GH¢25.40 million, as compared to an estimated loss of GH¢33.44 million in 2019, representing a 24.0% decrease.
Currently, the suspects are due for interrogation and will be arraigned before the court later this week on various charges.
The recent arrest comes months after the Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah (Mrs) met with Mr John Awuah CEO of the Ghana Association of Banks to collaborate in fighting fraud in the sector that is causing revenue leakages.
Looking back on the successful operation, the CEO of the Ghana Association of Banks, Mr John Awuah praised the collaborative efforts with EOCO that resulted in the arrest of the fraudsters.
He warned miscreants to be wary as banks were sharing intelligence and have enhanced cooperation with all security agencies, especially EOCO to rid the banking sector of fraudsters.
