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The Bank of Ghana has revealed a rapid emergence of SIM swap fraud targeting individuals with access to mobile banking channels. According to the apex bank, about GHȼ4.6 million was lost to this fraud in 2023, attributed to 15 recorded cases.

This type of fraud targets individuals with mobile banking access, including banking apps, WhatsApp banking, or any account linked to their mobile number. Scammers trick telecom providers into transferring victims' phone numbers to SIM cards they control, often with inside help from telecom agents.

Once they have access, they can intercept calls and texts and even gain control of banking apps, mobile money accounts, and other sensitive information, enabling them to bypass security measures and make fraudulent transactions.

Even in the event of cheque clearing, fraudsters can intercept mobile phone confirmations.

The threat extends beyond individuals to corporate institutions, where large sums of money can be stolen.

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