Financial Frauds on the Rise in Lesotho: Authorities Warn of Scams
The Central Bank of Lesotho and mobile money issuers Vodacom Lesotho, Econet Telecom Lesotho, and Lesotho PostBank have issued a warning about a surge in financial frauds in the country. The authorities are urging citizens to be vigilant against scammers who are using the mobile money platform to defraud unsuspecting individuals.
Types of Scams
There are several types of scams currently being perpetrated through the mobile money platform, including:
- Job Promise Scam: Fraudsters lure victims into sending money under the false pretence of securing a job in a company, organization, or government ministry.
- Mobile Money Agent/Merchant SMS Scam: Individuals fabricate text messages indicating that they have withdrawn money from their mobile money wallets and are requesting cash from agents. Mobile money agents and merchants are advised to verify transaction confirmation messages before rendering services to customers.
- Foreign Exchange Investment Scams: Fraudulent individuals or companies solicit money from the public with promises of unusually high returns, which is illegal and unauthorized by the Central Bank.
Counterfeit Banknotes
There have been reports of counterfeit banknotes being cashed into mobile money wallets at agents. The authorities are advising the public to familiarize themselves with the security features of both Maloti and South African Rand banknotes to protect themselves from these kinds of frauds.
Illegal Practice of Keeping or Using Stolen Money
The Central Bank is warning against the illegal practice of keeping or using money that does not belong to an individual. Anyone who has received monies by mistake is urged to authorize reversals requests from other mobile money issuers, failure to which could result in legal action being taken.
Precautions to Take
In light of these scams and frauds, the Central Bank and mobile money issuers are advising the public to exercise caution when using the mobile money platform. They are urging citizens to:
- Verify transaction details
- Confirm identities before sending or receiving money through the platform
- Familiarize themselves with security features of banknotes
- Report any suspicious activities to the authorities
By taking these precautions, individuals can protect themselves from falling victim to financial frauds and scams in Lesotho.