GHANA: MoMo fraud remains high despite efforts to curb it

General Manager of Mobile Money Ltd. (MoMo), Nii Adotey Mingle, has revealed that fraud remains one of the most pressing challenges facing the digital financial sector – especially mobile money.

Despite numerous efforts to promote digital and financial inclusion, MoMo fraud continues to be a major concern – threatening the security of customers and integrity of mobile money transactions, he said.

“Fraud remains one of the prevalent issues that continue to hinder our work of promoting digital and financial inclusion in the country. MoMo fraud is an issue we are passionate about, and we will continue to work with our stakeholders through sensitisation and awareness initiatives,” he added.

He expressed MTN’s commitment to investing in robust security measures to combat it and protect their customers.

Mr. Mingle emphasised that every MoMo customer plays a critical role in safeguarding their accounts. “Every customer is the first and last line of defence. It’s essential to protect your Personal Identification Number (PIN), avoid clicking on unsolicited links, ignore fake SMS messages and disregard instructions from random calls.

“No one can access your MoMo account or wallet without you releasing your PIN, especially when you receive a pop-up on your phone,” Mr. Mingle stressed.

He said this in an interview with B&FT on the sidelines of Mobile Money Month in Kumasi and further explained how fraudsters typically operate, sending fake text messages or pop-ups designed to trick customers into revealing their PINs.

“If you haven’t requested anything or made a purchase, there’s no reason to key in your PIN. As soon as you do, you practically open yourself up to fraud,” Mingle warned.

Ghana Card

In an effort to reduce fraud, using the Ghana Card has been mandated by regulators for mobile money transactions. This move, according to Mr. Mingle, has significantly enhanced security in the digital financial space.

He highlighted that in the past, the use of multiple identification cards (ID) made it easier for fraudsters to clone identities. “We used to have more than five IDs and it was a hassle trying to identify people. It was also easier for people to clone IDs. Today, with only the Ghana Card in use, it’s not so easy attempting to clone it – which has significantly reduced the incidence of fraud.”

Despite these improvements, Mr. Mingle acknowledged that some miscreants still attempt to perpetrate fraud. However, he remains optimistic that the Ghana Card and ongoing efforts will continue to curb fraudulent activities.

“The Ghana Card has come to help reduce the incidence of fraud significantly, and we are committed to providing a great customer experience for all our customers,” Mr. Mingle reiterated.

SOURCE: BFTONLINE