Four people have been arrested in connection with SIM swap fraud by the Economic and Organized Crime Office (EOCO) in partnership with the Ghana Association of Bankers.
The four suspects were apprehended in different parts of the country for conspiring and illegally managing accounts of Ghanaians in order to steal large sums of money.
When thieves use a person's registered phone number to purchase a new SIM card from the same person's mobile service provider, this is known as SIM switch fraud.
They can obtain One Time Passwords (OTPs) and other alerts required to execute financial transactions through the person's bank account once they have access to the new SIM Card.
After performing its investigations, EOCO discovered that the suspects were able to remove around GH200,000 throughout their operations before their cover was exposed and they were apprehended.
The suspects will be interrogated and arraigned on separate accusations later this week.
This operation by EOCO comes months after EOCO's Executive Director, COP Maame Yaa Tiwaa Addo-Danquah (Mrs), met with John Awuah, Chief Executive Officer of the Ghana Association of Bankers, to collaborate and improve efforts in the fight against fraud in the banking sector, which is causing revenue leakages.
John Awuah praised his Association's cooperation efforts with EOCO to apprehend the fraudsters after the successful operation.