Myanmar Seeks to Boost Financial Fraud Detection Methods Through Mobile Payments

The Central Bank of Myanmar (CBM) recently hosted a seminar on preventing financial fraud through mobile payments in collaboration with banks and financial services in Nay Pyi Taw. The event aimed to curb financial fraud and promote safe mobile money systems.

Key Takeaways

• Deputy Prime Minister U Win Shein emphasized the need for online security vigilance, citing 482 reported cases of online fraud between 2021 and 2024.
• Union Minister for Commerce U Tun Ohn urged participants to launch awareness campaigns about preventing mobile payment fraud and upgrade technologies to stay ahead of swindlers.

Action Plan

• CBM Governor Daw Than Than Swe formed an Action Task Force to tackle fraud cases following tips-off, and outlined plans to regulate mobile cash industries under its supervision.
• Public cooperation is crucial in preventing financial frauds, emphasized the CBM governor.

Seminar Highlights

• Discussions focused on creating a safe mobile money system, with presentations from various experts:
  • Co-founder of Myanmar Cybersecurity Association
  • Deputy Director of CBM
  • Police Colonel Nyunt Wai of the Ministry of Home Affairs
  • Representatives from KBZ bank, Wave Money, City Mart Holding Limited, and Lady Grace Online Ship Owner

Call to Action

• Participants were urged to take steps to protect themselves and cooperate with the government to prevent financial frauds.
• The public is encouraged to stay informed about preventing mobile payment fraud and report any suspicious activities.