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Fake Mobile Money Credit Notification Fraud on the Rise

Ghanaian mobile money users have fallen victim to a sophisticated scam, where fraudsters dupe them into parting with their hard-earned cash. The scammers send fake mobile money credit notifications to victims’ phones, convincing them that they have been mistakenly credited with a certain amount of money.

The Scam

Unsuspecting victims, without verifying the authenticity of the message or checking their account balances, quickly transfer the supposed excess funds out of their accounts. Unfortunately, it is later discovered that no money was actually credited to their accounts in the first place.

The Consequences

12,166 cases of mobile money fraud reported in 2022
Total loss value of GH¢27 million
Increase of 117% compared to previous year’s losses

Causes of the Scam

Experts say that lack of security awareness and attention to detail are major contributing factors to these fraudulent activities. Many users do not regularly change their PINs, making it easy for fraudsters to compromise their accounts. Additionally, some users hand over their phones to others to perform transactions, exposing their sensitive information.

Contributing Factors

Lack of regular PIN changes
Handing over phones to others for transactions

Mitigation Efforts

To mitigate this growing menace, the Bank of Ghana has launched a nationwide sensitization program to educate mobile money users on how to protect themselves from these scams. The program will be conducted in multiple local languages to reach a wider audience, particularly among the vulnerable population.

Measures Taken by the Bank of Ghana

Launched a nationwide sensitization program
Directed banks and SDIs to take immediate action when fraud is reported
Ensured that losses are minimized and perpetrators are brought to justice

Call to Action

“We urge mobile money users to exercise extreme caution when dealing with these transactions,” said a spokesperson for the Bank of Ghana. “We will continue to work tirelessly to combat fraud and ensure that our financial systems remain secure.”