Skip to main content

MTN fights MoMo fraud with $2.5m investment in AI

 

MTN Ghana has announce that it is investing US$2.5 million to beef up their artificial intelligence so they can win the fight against mobile money fraud.

General Manager of Mobile Money Limited of MTN, Eli Hini made the announcement at their maiden virtual Annual General Meeting in Accra.

He disclosed that so far, MTN has aided the police to arrest over 40 mobile money fraudsters and some moneys have been retrieved from the fraudsters in some of the cases, based on intelligence MTN provided.

Read also: Billions denied internet access due to expensive mobile devices – Study

Eli Hini acknowledged that the more MTN Mobile Money grows, the more the fraudsters also get sophisticated, but MTN is daily improving it systems and process to weed them out.

“We have built systems that are able to pick intelligence which led to police swoops in specific communities where the fraudsters were arrested and some money retrieved for customers,” he said.

He however noted that whereas MTN invests heavily in the artificial intelligence to fight MoMo fraud, it also behooves on customers to be on high alert and not expose themselves to fraudsters.

“Never discuss your mobile money transactions with anyone who calls and says they are calling from MTN – never give out your MoMo PIN to anyone who claims he is from MTN – if you are not participating in any promotion, ignore any one who calls you and claims you have won a reward,” he cautioned.

Eli Hini said it was important for customers to remember that “MTN will never call you and ask you to send MoMo transfer in order to claim a prize – because if you really win a prize from us we will call you with 0244300000 and invite you to an event to receive your prize.”

He said MTN has been able to capture a lot of the tactics of the MoMo fraudsters and they do share that information on their various social media platforms so it is important for customers to always follow that education and no how to identify and ward of the fraudsters.

Eli Hini also revealed that some 15.5 million Ghanaians have mobile money wallets and a total of GHS4 billion has been transacted on the MTN Mobile Money platform since its inception, saying that it is good for the economy because most of that money remain in the financial sector and are being invested in projects.

He also called for a centralized identification system to enable an easier detection and apprehension of fraudsters.

Source: Techgh24.com

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

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co