MoMo Fraud Drops Marginally – BoG Report2 min read

The Bank of Ghana (BoG) has released its 2022 Fraud Report, revealing that there were 12,166 cases of Mobile Money (MoMo) fraud in the year, recording a slight decrease from the 12,350 cases recorded in 2021.

The report highlighted that MoMo fraud has become prevalent issue, especially among vulnerable individuals who struggle with reading.

The report also identified a lack of attention to security as a contributing factor to the high incidence of MoMo fraud. Many individuals using mobile money applications fail to prioritize their security, ultimately making themselves easy targets for fraudsters.
The Bank of Ghana has taken steps to address this issue by collaborating with financial entities to implement stringent measures and mitigate the impact of fraudulent activities.

One of the key findings of the report was that some mobile money users do not regularly change their Personal Identification Numbers (PINs), which makes them vulnerable to fraudsters.

Additionally, the elderly and less educated users of mobile money often rely on other individuals to carry out transactions on their behalf. This practice compromises their PINs since they have to share them with third parties.

To address these issues, the report recommended conducting extensive sensitization programs targeted at mobile money customers, particularly those who are vulnerable and less literate.

The programs should be conducted in multiple local languages to ensure that the information reaches a wide audience and is understood by all.

“Also a general lack of security awareness has largely contributed to victims easily falling prey to fraudsters. The Bank of Ghana has however engaged the financial entities to put in stringent measures to mitigate the impact of this fraudulent activity.

“Some users of mobile money 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,” it said

In conclusion, the 2022 Fraud Report by the Bank of Ghana sheds light on the concerning prevalence of MoMo fraud, with 12,166 cases recorded in the year.
The report emphasizes the urgent need for increased security awareness among mobile money users and recommends tailored sensitization programs to reach and educate vulnerable populations. The Bank of Ghana remains committed to working with financial entities to combat fraud and protect the interests of mobile money customers.