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Ghana News

How SIM Swap Fraudsters Defrauded a Ghanaian in London of GHS250,000

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A Ghanaian living in London has fallen victim to SIM swap fraud, losing GHS250,000 in less than 24 hours. The fraudsters were able to swap the victim’s MTN e-SIM and gain access to his Ecobank account, despite a daily transaction limit of GHS20,000.

This incident highlights the increasing threat of SIM swap fraud in Ghana and the need for greater security measures from banks and telcos.

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For the most part, SIM swap fraud occurs when fraudsters are able to convince a telco to issue a new SIM card to replace the victim’s existing one. This is often achieved through social engineering tactics, such as impersonating the victim or pretending to be a customer service representative. Once the fraudster has the new SIM card, they can use it to gain access to the victim’s bank account by intercepting one-time passwords (OTPs) sent via text message.

While telcos and banks have taken steps to mitigate SIM swap fraud, such as introducing multi-factor authentication and biometric verification, it remains a significant threat. In this case, the fraudsters were able to bypass the victim’s daily transaction limit, suggesting that there are still vulnerabilities in the system that can be exploited.

It’s important for individuals to remain vigilant against SIM swap fraud by keeping their personal information secure and reporting any suspicious activity to their bank or telco. Additionally, banks and telcos need to work together to improve their security measures and share information about fraudsters and their tactics.

For the most part, banks and telcos in Ghana have been criticized for their lack of transparency when it comes to SIM swap fraud. Many have called for them to name and shame employees who are involved in such crimes, as a deterrent to others.

In conclusion, SIM swap fraud is a growing threat in Ghana and it’s important for individuals and institutions to take steps to protect themselves against it. This includes implementing stronger security measures, improving communication and cooperation between banks and telcos, and holding those responsible for fraud accountable for their actions.

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