Four nabbed in GH¢200,000 SIM swap fraud - EOCO

Fraudsters warned against banking fraud

Suspects in SIM swap fraud arrested at various locations in the country

EOCO working to reduce fraud in the banking sector

The Economic and Organised Crime Office (EOCO) has arrested four persons who have been engaged in SIM swap fraud.

The action was undertaken by the EOCO in collaboration with the Ghana Association of Bankers.

Ransford Nana Addo Jnr, a representative of the Association of Bankers, said the suspects were picked up at various locations in the country for colluding and illegally accessing the accounts of some Ghanaians from which they stole various amounts.

It emerged that they managed to withdraw an amount of about GH¢200,000 in their modus operandi before their cover was blown and subsequently apprehended by the security agency which was working closely with the banks.

CitiNewsroom reports have stated that the suspects are due for interrogation and will be arraigned before court later this week on various charges.

Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah (Mrs) had earlier met with Mr. John Awuah CEO of the Ghana Association of Banks to deliberate on ways to be able to eliminate fraud in the banking sector.

Mr. John Awuah has however lauded the efforts of personnel who were able to nab the fraudsters, and caution miscreants of the dangers involved in attempting to perform fraudulent operations.

According to hdfc.com, SIM swap fraud means changing mobile SIM cards.

If this is done without your knowledge, then it is probably done for some fraudulent activity.

Under SIM swap fraud, fraudsters get a new SIM card issued against your registered mobile number via the mobile service provider.

With the help of this new SIM, they can get One Time Password (OTP) and other alerts required to carry out financial transactions through your bank account.