The Bank of Ghana (BoG) has sounded the alarm on a surge in SIM swap scams targeting mobile banking users. In 2023, the bank reported 15 cases, resulting in losses of approximately GHȼ4.6 million. The apex bank cautions individuals with mobile banking access to be vigilant and protect their accounts from these malicious activities.
This type of scam exploits individuals with mobile banking access, including banking apps, WhatsApp banking, and any account linked to their mobile number. Scammers deceive telecom providers into transferring victims’ phone numbers to SIM cards under their control, often colluding with insider telecom agents. By doing so, scammers gain unauthorized access to mobile banking apps, WhatsApp banking, and accounts linked to the compromised phone number, allowing them to steal funds and sensitive information. This fraudulent activity is typically facilitated by corrupt telecom agents working in conjunction with scammers.
Once scammers gain control of a victim’s SIM card, they can intercept calls, texts, and sensitive information, granting them unauthorized access to banking apps, mobile money accounts, and other confidential data. This enables fraudsters to bypass security protocols and conduct fraudulent transactions.
Furthermore, they can intercept mobile confirmations related to cheque clearing, compromising the security of financial transactions. With this level of access, scammers can effortlessly navigate around security measures, putting victims’ financial information and resources at risk. Users are advised to remain vigilant and take necessary precautions to safeguard their mobile banking accounts.
