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Business News of Thursday, 5 October 2017


Mobile money fraud: Telcos to face the law for selling registered SIM

The Criminal Investigations Department (CID) of the Ghana Police Service has warned that telecom operators will be prosecuted if they fail to stop the sale of already used and registered SIM cards on the markets.

According to the CID, the sale of used and registered SIM cards contribute to mobile money fraud in the country.

Mobile money fraud has in recent times heightened with unsuspecting individuals been swindled by fraudsters.

Statistics show that at least fifty percent of Mobile Money subscribers have either experienced one form of fraud or have been a target from Mobile Money fraudsters.

Speaking on Business Today, Head of Cyber Security at the CID, Chief Superintendent Dr. Herbert Yankson said telecom operators must call their agents to order else face the penalty for selling already registered SIM cards.

“Already registered SIM cards are sold openly and we are aware. We started some kind of exercise arresting them. But the truth is we have to arrest them together with the Telco’s themselves because they are their clients. So eventually we will bring them on board,” he said.

He however added that all stakeholders must be involved to ensure the issue of mobile money fraud is completely stopped.

“So these are all things that we all as a people must put in place to ensure that we are able to protect the ordinary person from being defrauded” he added.