Mobile Money popularly referred to as MoMo has become a common means of cash transfer, withdrawal and payments.
Unfortunately mobile money has come to be associated with fraud and in this article we show you how to protect your mobile money account from fraud.
In our last write up we discussed how mobile money fraud is prevalent on MTN Ghana.
The fraudsters use a lot of different strategies to defraud mobile money users which include the following;
A call or text informing you that money has been mistakenly sent to your mobile money account so kindly reverse the transaction.
A call or text informing you that you have a cash prize of a raffle so make payment to a certain number to receive your prize.
A call or text informing you to enter your PIN to confirm a transaction to your mobile money account or bank account.
A call or text informing you that your mobile money service operator needs your PIN.
HOW TO PROTECT YOUR MOBILE MONEY ACCOUNT.
Below we have listed a few steps to protect your mobile money account;
Do not share your PIN with anyone. Change it immediately if you feel/think it has been compromised.
Do not share your personal details or information with unauthorized agents.
Do not use easy-to-guess PINs like 0000 or 1234. Do not use your date of birth, car number or post office address. Always use a strong PIN and memorize it.
Do not leave the merchant’s/agent’s presence. Ensure that you have received a text from and authorised channel and it’s also the right amount.
Do due diligence of the name of the account you’re transfering funds to. If someone says they mistakenly sent money to you, check your balance first.
Do not let anyone carry your phone to withdraw money on your behalf.
Ignore suspicious calls or text.
If you didn’t partake in any raffle, do not expect any prize. No one wins the raffle if he/she hasn’t bought a raffle ticket.
Don’t be greedy. Don’t expect any money you haven’t worked for.
Call or visit the nearest customer service when in doubt. Do not assume.
Mobile money transactions have resulted in financial inclusion for the poor in developing countries.
MoMo has come to stay even though it has its own challenges.
We cannot emphasize how important education is to help address this issue. We feel the telcos aren’t doing enough on this front.
Protect yourself from fraud.
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