Cyber Security firm, E-crime Bureau has charged the over 200,000 mobile money agents across the country and businesses to invest in tools and systems such as money counting machines to detect fake currencies being introduced into the system by unscrupulous characters.

Earlier this month National Security busted a 13-member gang involved in the printing and distribution of fake currency notes in a warehouse close to the Kotoka International Airport.

Currency counterfeiting is a crime that continuously poses a threat to a country’s economy and is a source of financial loss to its citizens.

Some of the ill-effects that counterfeit money has on society are a reduction in the value of real money; and an increase in the prices of goods and services due to more money getting circulated in the economy.

Speaking to Citi Business News on the phenomena of fake currencies in Ghana, the Head of Technical Operations at E-Crime Bureau, Eric Kwaku Mensah called on handlers of huge amounts of money to take steps to ensure they are not duped.

“These criminals are smart but with vigilance and the right systems they can be stopped. For mobile money vendors, who I know receive huge amounts of cash in their line of work, they need to consider purchasing a counting machine that can detect fake currencies. This will go a long way to protect you.”

While advocating for investment in machines for the detection of fake currencies, Eric Kwaku Mensah also called for the training of staff of financial institutions to detect same.

“For financial institutions, in particular, there should be systems to flag such fake currencies in place. Companies should consider buying state of the art regularly maintained counting machines. UV lights and magnifiers are also important. Another key consideration in the detection of fake currencies will be the training of staff on the subject matter.”

13-member gang arrested with over $5 million fake currency at Airport

The National Security busted a 13-member gang involved in the printing and distribution of fake currency notes to unsuspecting victims, mostly foreign nationals.

A statement issued by the National Security Secretariat said the gang, led by one Yassei Alia, a 45-year-old Syrian resident in East Legon, and owner of Hardford Auto Service in Accra, together with Danjuma Zakaria, alias Alhaji Mohammed, 49 and resident of Tema West, were rounded up in a warehouse within the premises of NacCharter Cargo and Freight Company, near KLM offices within the Kotoka International Airport, on Monday, April, 27 at around 1730 hours.

Freshly printed $10,000 bundles of fake $100 notes concealed in two large metal trunks and a suitcase were retrieved from the warehouse.

The statement said the amount was estimated to be over five million United States Dollars (USD).

Other suspected accomplices arrested during the operation included Esther Omozeea, Emad Aldalhi, Kamal Mohammed, Abdulai Yakubu Osman and Samuel Ababio.

The remaining are John Denyo, Desmond Delali Dumenu, Alike Happiness, Prosper Chukwu, Victor Israel, Padi Christian Holdbrook.