Mobile money fraud is becoming a nuisance in recent times. Unsuspecting businesses and individuals have been swindled by fraudsters on countless occasions.

The registration of sim cards which was introduced in the country was a measure put in place to ensure that those illegal activities done with these sim card can be traced. Apparently, already used and registered sim cards are on the market indicating that fraudsters are at liberty to use these sim cards for their mischievous act.

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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.

It is also evident that the sale of used and registered SIM cards contribute to mobile money fraud in the country.

It is statistically proven that at least 50 percent of Mobile Money subscribers have either experienced one form of fraud or have been a target from Mobile Money fraudsters.

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All stakeholders can also get involved to ensure that the mobile money fraud is completely stopped in the country.

Telecommunications companies must also ensure that already registered sim cards are not brought on the market. They could also put measures in place to make sure mobile money fraud be made traceable to deter fraudsters.

Read also: Building an inclusive digital payments ecosystem in Ghana

By Rebecca Essilfie