Why Mobile Money Fraud Prevalent On MTN Ghana? – Of all the telcos operating mobile money banking in the country, MTN Ghana has the largest market share. This is mostly due to its large subscriber base as well as the fact that it brought mobile money services into Ghana. Unfortunately, the service is plagued with a major problem; mobile money fraud.
Mobile money is an electronic wallet system linked to your mobile phone number. This service allows you to keep, send and receive money using your mobile phone.
You can pay utility bills, buy airtime, pay TV subscriptions, pay for goods and services or even buy a movie ticket using mobile money.
As the leading provider of mobile money banking services to Ghanaians, fraud on MTN Ghana is more prevalent than other networks.
One may ask why is this so? It is because MTN Ghana has the largest market share and just as hackers live on Windows, MTN gets more targets from these fraudsters.
MTN Ghana has received considerable amount of criticism because it’s customers are constantly plagued by fraudsters.
These fraudsters have your full name and telephone number. How do they get these information?
One Twitter user thinks it’s an inside job.
Why Mobile Money Fraud Prevalent On MTN Ghana?
These are reasons or for lack of a better word let’s just say tricks these frauds are based on;
This is the use of phone calls or SMS to gather personal details such as account numbers or PINs.
ADVANCE FEE SCAM
This is where customers are duped send funds under fake promises or circumstances.
This is where customers are requested to reverse fake transactions.
Some of these include loyalty rewards and bonus on airtime top up. You’re asked to call a telephone number for them to pick their prize.
The fraudsters posing as call centre operators will tell you you’ve won a prize so make payment to a certain number.
Managing risk in mobile money is a challenging task especially risk of fraud. Fraud does not only result to financial loss to customers but also the reputation of the the service provider.Does MTN Ghana have a robust risk management strategy to curb these frauds? Click To Tweet
We believe fraud in mobile money service is caused by weak internal controls and systems, lack of sophisticated IT tools to detect these frauds, poor renumeration of employees and also lack of proper education to customers about how to protect themselves from these fraudsters.
Education is very necessary to help address this problem. It’s high time we find a new way to SIM registration.
And our nature to love freebies has proven to be a dangerous tool exploited by fraudsters to advance their malicious activities.
Subsequently, mobile money fraudsters have devised cunning ways of conducting mobile money fraud.
In our next write up we’ll teach you how to protect yourself from mobile money fraud.
“Sometimes one pays most for the things one gets for nothing.”
― Albert Einstein
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