Skip to main content

Be mindful of MoMo fraudsters – MTN urges consumers

While mobile money transactions have increased financial inclusion and made money transfers less stressful over the past years; it comes with some disadvantages as well.

One of the challenges for users of the platform in Ghana these days is the phenomenon of Mobile Money fraud.

The fraud is either perpetuated physically through robbery attacks on Mobile Money vendors or through a more sophisticated approach where a person’s money can be stolen electronically from their wallet.

General Manager of MTN Ghana, Eli Hene, who spoke to the media on the development on the sidelines of the launch of the MTN MoMo Month 2020, said one sure way for people not to fall victim to any of these fraudsters is to be vigilant, particularly as the COVID-19 pandemic has increased MoMo transactions.

On the issue of fraud, we have always been talking about the three golden rules and it is important that our customers keep that in mind. First of all the fraudster is not able to be effective if he is working independently and that is why they call send messages to consumers to try and get your mobile money PIN. Also, you should not entertain a call from someone saying you have won a promotion especially if you have not participated in one, and thirdly do not allow anybody to perform transactions on your behalf because that gives the person access to your PIN”.

Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. Mobile Money was first introduced in Ghana in the year 2009.

With an initial slow growth, Mobile money transactions recorded 32.8 billion Ghana cedis in value as of the end of 2019, signifying more than 45 percent increase from the previous year’s value; according to the Economic and Financial data.

Factors like increasing trend of convenience in service delivery, expansion in mobile money agent network and implementation of mobile money interoperability, are driving the mobile money market in the country.

Various regulations and guidelines have also been implemented to strengthen and protect the mobile money system.

According to the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report, the volume of Mobile Money Interoperability transactions for the first half of 2020, shot up by over 444 percent compared to the same period last year.

According to the report, transactions from January to June 2020, stood at 13.8 million compared to 2.5 million recorded in the same period last year.

Comments

Popular posts from this blog

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican

Rana Motors celebrates 30 years of Kia Sportage in Ghana with the unveiling of 30 Unique Limited Models

 In a bold milestone, Rana   Motors , a leading player in the automobile industry, is marking 30 years of its flagship compact   SUV , the Kia Sportage presence on the Ghanaian market with the launch of the limited special edition of the 5th Generation model. This latest edition, proudly assembled in Ghana, reflects the brand’s commitment to combining local craftsmanship with cutting-edge technology with key upgrades including acoustic laminated glass for a quieter interior and reinforced safety features like eight airbags, including rear side airbags. Speaking during a brief ceremony to unveil the 30th Anniversary of Kia Sportage in Ghana, Chief Operating Officer of Rana Motors Kassem Odaymat, described the positioning of the company as a game-changer in the automotive landscape.   To mark three decades of outstanding success, Kia has equipped a new special edition of the 2024 Sportage with enhanced specification, focusing on convenience and safety while further elevating the model’s

Index of industrial production surges to 8.2% in 2024 2nd quarter

  The Conference of Heads of Assisted Secondary Schools (CHASS) has expressed frustration over the challenges faced in securing electricity for schools across the country. During their 62nd Annual Conference, held in Tamale from October 7 to 11, CHASS voiced concerns about the impact of prepaid electricity meters on their operations. In a statement, CHASS highlighted that the use of Electricity Company of Ghana (ECG) prepaid meters in schools is worsening the financial strain on headteachers. CHASS is extremely surprised as to why its members should be burdened with the responsibility of pre-financing the supply of electricity for classrooms, libraries, dormitories, dining halls, laboratories, and other academic purposes," the statement read. CHASS called for the government's immediate intervention, urging the shift from prepaid to postpaid meters to ensure uninterrupted electricity supply. They emphasized the need for continuous power to support effective academic work and to