The Bank of Ghana has put in place stringent measures to clamp down on the activities of fraudsters who use dubious means to steal from unsuspecting victims.
The central bank’s concern comes in the wake of persistent fraudulent activities by tricksters.
The central bank, in its monthly fraud report submitted by institutions in the last quarter, said it had noted a persistent fraud type that increasingly, a number of institutions are falling victim.
Per its mandate, the central bank intends to raise awareness among institutions to this particular fraud to help minimize its recurrence.
Following the recent spate of activities, the central bank has suggested these measures as part of their fraudulent intervention measures.
The first is for all employees of telcos to be made aware of these activities and for designated momo staff to take instructions directly from telco representatives.
Also, the designated officials should be at the management level.
Modus Operandi of fraudsters
It noted that typically, bank staff (tellers in most cases) receive a call from a caller holding himself or herself as an employee of one of the Telco’s or the caller claims to
be calling from the institution’s Head office.
The caller then informs the bank staff that he/her has been authorized to train the staff on the reversal process on mobile money.
As part of the process, the staff will be asked to enter certain codes on the mobile platform. The codes entered lead to the fraudster, having access to the bank’s wallet to steal from it.
