The Bank of Ghana’s 2022 fraud report indicates that Mobile Money (MoMo) fraud declined to 12,166 cases in 2022 from 12,350 cases recorded in 2021.
This shows a marginal decrease of 184 cases between 2021 and 2022, representing 2%.
According to the report, MoMo fraud has become predominant, especially among the vulnerable, who are mostly unable to read.
The report said there was also a lack of attention to security by most people using the mobile money application.
“Also, a general lack of security awareness has largely contributed to victims easily falling prey to fraudsters. However, the Bank of Ghana has engaged the financial entities to put in stringent measures to mitigate the impact of this fraudulent activity.
“Some mobile money users do not periodically change their PIN, making them easily prone to fraudsters. The aged and uneducated users of mobile money are not very conversant with the application.
“They would usually hand over the phone to other people to do transactions on their behalf. Their PINs are compromised since they have to give it out to a third party to do the transaction,” the statement explained.
“There is the need to undertake major sensitization on some targeted customers of mobile money. The sensitization programmes should be in multiple local languages to enable the vulnerable, in particular, and the public in general to appreciate it,” the report recommended.