In recent years, Ghana has witnessed a significant surge in mobile money fraud, prompting urgent calls for reform from lawmakers and regulators. The Deputy Ranking Member on Parliament’s Communications Committee, Sam George, has been at the forefront of these efforts, summoning Electronic Money Issuers (EMIs) to address the escalating crisis.​Business Week Ghana+1MyJoyOnline+1

The Surge in Mobile Money Fraud

According to the Bank of Ghana’s 2022 Fraud Report, mobile money fraud incidents increased by 117%, with fraudsters stealing approximately GH¢26 million, up from GH¢12 million in 2021. The majority of victims were elderly and less tech-savvy individuals, often targeted through fraudulent SIM cards and unauthorized deductions. Notably, the report highlighted that 80% of all fraud cases in the financial sector were related to mobile money, underscoring the scale of the issue.​Top Tech Security Blog+2Adomonline.com+2News Ghana+2

Sam George's Intervention

Sam George has been vocal in his criticism of the current system, particularly the Electronic Transfer Levy (E-Levy) and its implementation. He has expressed concerns over the ELMAS system, which is intended to monitor electronic transactions. George revealed that a meeting involving the Bank of Ghana, EMIs, telecommunications companies, and banks was scheduled to address these systemic issues. He emphasized the need for real-time data uploads to the ELMAS system to enhance transparency and accountability.​graphic.com.gh+2MyJoyOnline+2Business Week Ghana+2

The Role of EMIs and Telecom Companies

EMIs and telecom companies play a crucial role in the mobile money ecosystem. However, reports have indicated that some staff members within these organizations have been complicit in fraudulent activities. For instance, individuals have been found to illegally access databases to alter customer information, facilitating unauthorized transactions. These internal breaches highlight the necessity for stricter oversight and internal controls within these institutions.​Pulse Ghana

Government and Regulatory Measures

In response to the growing concerns, the Bank of Ghana has initiated several measures to combat mobile money fraud. These include the disconnection of unregistered SIM cards and the implementation of stricter Know Your Customer (KYC) protocols. Additionally, the National Communications Authority has been actively involved in identifying and disconnecting fraudulent SIM cards to prevent their misuse.​Adomonline.com+1News Ghana+1

Public Awareness and Education

Public education remains a cornerstone in the fight against mobile money fraud. Authorities have consistently advised the public to be vigilant, urging individuals not to share their mobile money PINs and to be cautious of unsolicited messages or calls. The Mobile Money Advocacy Group has been instrumental in raising awareness, conducting educational campaigns across the country to inform citizens about the risks and preventive measures associated with mobile money transactions.​Ghana News AgencyTop Tech Security Blog

Conclusion

The rise in mobile money fraud in Ghana necessitates a coordinated effort between lawmakers, regulators, financial institutions, and the public. Sam George's proactive stance in summoning EMIs underscores the urgency of addressing this issue comprehensively. Through stringent regulatory measures, enhanced internal controls within financial institutions, and continuous public education, Ghana can mitigate the impact of mobile money fraud and restore public confidence in its digital financial systems.​