- Ghana lost approximately GH₵4.6 million to SIM swap fraud in 2023
- Scammers exploit mobile banking access by hijacking phone numbers
- The Bank of Ghana mandates temporary account deactivation during SIM swaps
The Bank of Ghana has highlighted a troubling surge in SIM swap fraud, which has targeted individuals with mobile banking access, resulting in losses of approximately GH₵4.6 million in 2023 across 15 reported incidents.
This fraud scheme specifically targets users of mobile banking services—such as banking apps and WhatsApp banking—by duping telecom providers into transferring victims’ phone numbers to SIM cards controlled by the scammers, often with assistance from insiders.
Once the fraudsters gain access, they can intercept calls and messages, compromising banking apps, mobile money accounts, and sensitive data.
This allows them to bypass security measures and carry out fraudulent transactions. They can even intercept confirmations related to cheque clearances.
The threat is not limited to individuals; corporate accounts are also at risk, with significant sums potentially stolen. Ransford Nana Addo Junior, a Certified Fraud Examiner and Financial Crime & Fraud Lecturer, warns that SIM swap fraud can be especially damaging in corporate settings.
For instance, if a hotel CFO’s number is swapped, scammers could initiate fraudulent transactions and receive confirmation notifications.
Moreover, the implications of SIM swap fraud extend beyond banking. Personal information, such as medication records and SSNIT data sent via SMS, can also be intercepted.
To safeguard against this threat, individuals should be vigilant about sharing personal information and routinely check their accounts for unusual activity. Prompt action is essential—contact your service provider and bank immediately if you suspect fraud.
In response, the Bank of Ghana has mandated payment service providers to adhere to section 34(3)(a) and (b) of the Payment Systems and Services Act 2019 (Act 987), which requires the temporary deactivation of a customer’s electronic money account for two days following a SIM card swap.
Reactivation occurs once valid identification is presented, helping to mitigate risks associated with SIM swap fraud.
The report also noted a 5% increase in overall fraud cases, leading to total losses of GH₵88 million in 2023.
