As part of the ongoing MTN MoMo@15 celebration, MobileMoney Limited (MML) has outlined a series of robust preventive measures aimed at combating fraudulent activities its mobile money platform.
These initiatives are a response to the various tactics fraudsters have been using to target unsuspecting MoMo customers.
During the MoMo@15 Live Session, broadcast on MTN’s social media platforms, Nanatude Davies, Senior Manager, Enterprise Risk at MML, outlined these new measures, highlighting the company’s commitment to customer security.
According to her, the measures can be categorised into three key phases:
Preventive measures: MML prioritizes customer education and awareness to prevent fraud.
Nanatunde Davies stressed that empowering customers with knowledge about the importance of keeping their MoMo PIN confidential is essential.
“Regular training and awareness campaigns have been rolled out to help customers recognizes and avoid potential scams,” she said.
In that regard, she urged customers to have very strong PINs (password), and avoid using their birthdays, birth year, birthdays and years of relatives, the last four digits of their phone numbers and others which are very easy for fraudsters to figure out.
2. SMS filtering: MML actively monitors and filters suspicious SMS messages sent to customers.
This, Nanatunde said, could include fake promotions, advertisements, or rewards that do not originate from MTN, adding that when such messages are detected, they are blocked to prevent customers from falling victim to them.
3. Detective Measures: MML has implemented an automated tool to detect and monitor transactions on their platform.
The detective tool flags any transactions deemed suspicious or fraudulent, allowing the company to investigate and take action. In cases where fraud is confirmed, MML blocks the associated numbers or IMEI devices to prevent further misuse. If funds are still in the affected account, MML ensures the funds are blocked as well.
4. Reporting Measures: In addition to the preventive and detective measures, Nanatunde Davies emphasized that MML works closely with law enforcement agencies, other telecom operators, and fintech companies to assist in investigating reported cases of fraud. These collaborative efforts ensure that fraudsters are dealt with effectively and customers’ funds are protected.
She noted that fraudsters often move stolen funds across networks and platforms to avoid being tracked, but MML collaborates with other stakeholders to track such funds and retrieve them in some cases.
Nanatunde Davies concluded by stressing that MML’s response to fraudulent activities depends on the specific nature of the situation, saying “With these layered strategies in place, MTN MoMo is dedicated to maintaining a secure platform for its customers and ensuring that the fight against fraud remains a top priority.
Customers concerns
Some customers raised questions about the slowness and cumbersomeness of the reporting process, which put fraudsters ahead of the game and cash out and bolt even before the law could get them. In
MTN for instance, insists that all fraud cases are reported in the MoMo App or via the USSD channel under specific categories. This process takes time and allow fraudsters to get away with their loot.
Again, some fraud types, like SIM swap involves staff of the telcos, but MTN has never named and shamed a single worker for the several cases of SIM swap fraud that has been happening. Per the Bank of Ghana’s Financial Fraud Report, SIM swap fraud accounted for a significant GHS4.633 million loss in 2023 alone. This is higher that loses incurred under six other fraud types.
MTN, the MoMo market leader is yet to name and shame a single staff for their involvement in SIM swap fraud. Meanwhile, Nanatunde claims MTN has been exposing staff found culpable, even though there is no evidence of that claim.
Customers also raised concerns about how fraudsters target them immediately cash drops in their wallet, and the MTN representatives said fraudsters only do repeated remote prompts until they are able to determine how much is in a customer’s wallet. But the reality is that a lot of customers who are targeted after loading their wallets, do not always get remote prompts.
