Total loss in value of MoMo fraud reached GH¢12.8 million in 2021 – Report

MoMo fraud increases in 2021

February 2021 records highest loss of EMI-related fraud – BoG report

BoG strengthens fraud monitoring activities and enforcement of required internal control

The total value of money lost from Mobile Money related fraud on the platform operated by Electronic Money Issuers (EMIs) in Ghana reached GH¢12.8million in 2021.

This is according to the Bank of Ghana’s fraud report on Banking, Specialised Deposit-Taking Institutions and Electronic Money Issuers (EMI) in the country.

For the period, the EMI sector recorded a significant number of MoMo fraud incidents amounting to 12,350 while the total value of fraud reported by EMIs for 2021 amounted to GH¢14.2 million.

On the monthly basis, February recorded the highest loss of GH¢1.5 million EMI-related fraud out of a value of GH¢1.6 million reported. This represented a success rate of 93.75 percent.

For the year under review, the Bank of Ghana highlighted the two main types of MoMo fraud reported by EMIs were made to the wrong person and cash reversals.

The report said about 90.00 percent of incidents reported culminated from MTN Mobile Money and 99.00 percent of the cases were from Transfer to Wrong Person/Cash Reversal type of complaints.

See the full report below:



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