4 Kinds of Mobile Money Fraud and How To Prevent Them
Mobile money is a novel USSD based money transfer system built actively used in various kinds of cash transactions especially in Africa. The growth and success has been phenomenal. Many services including payments, transfers, banking, billing, point of sale etc have been built on the mobile money framework. However, with this success comes exploitation. There are reports of mobile money fraud and how people actively seek to game the mobile money system. Below is a compilation of some of the common techniques and how to effectively avoid becoming a victim of it. 1. You hand your phone to the agent (never do that), he enters more than you have requested to withdraw but only hands you what you requested and keeps the rest. 2. You receive a fake message about a deposit showing you a fake balance (message not from mtn but a normal phone number). A call follows that a wrong deposit has been made. You send the caller your money (not realizing the text message with your balance infor...