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

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more