THE Cyber Security and Investigations Bureau (CSIB), in conjunction with MTN, hasheld a workshopto outline the key issues facing the industry, as well as the methods they will utilise to counteract fraud and promote effective security measures.

Since 2012, the popularity of mobile money has surged, with transaction volume rising from GH?500 million in 2012 to over GH?78 billion in 2016 alone, per analysis conducted by the Bank of Ghana.
Along with this rapid increase in transactions however, has followed an increase in abuse within the system, perpetrated both by consumers and agents.

And while it presents an issue in Ghana, it is far from isolated, with some of the worst mobile fraud rates belonging to Uganda at 54per cent of transactions, followed by Tanzania at 42 per cent and Kenya at 22 per cent.
One of the main concerns raised by the Bureau and MTN was the prevalence of mobile scams, particularly malicious software that is often unwittingly installed by consumers, which potentially enables hackers access to personal account details.

Other common scams include phishing, in which communications through phone or email are disguised as those from trusted sources to obtain personal information such as passwords and account numbers, as well as advanced fee and fake prize scams, where victims are told they have won a prize but must send the scammer money to collect their winnings.

Money laundering is also a risk, though one which affects all financial institutions and not specifically mobile money transactions.
Principal Consultant representing CSIB, Albert Antwi-Boasiako, predicts that mobile money will dominate the banking landscape within the next 25 to 30 years, and as a result it is important that any challenges and risks involved can be adequately addressed.

Mr Antwi-Boasiako reiterated that whilst the Bureau and MTN are doing everything in their ability to try to combat fraud within the system, further responsibility lies with both government institutions and consumers themselves to remain vigilant and informed.

There are certain flaws within governmental institutions, particularly with regards to the national identification system, that make it difficult for MTN and other mobile service providers to provide countermeasures to fraudulent activity, however Mr Antwi-Boasiaki hoped that strengthening ties with various institutions would help to create a more effective framework in the near future.

They key message from the workshop was that it is vital for consumers to be able to protect themselves effectively, and understand the basic vulnerabilities they may be opening themselves up to.

Some steps to ensure you are protected against scammers includes making sure to utilise antivirus software for your mobile device; never revealing personal information to sources unless you are certain they are legitimate; and making sure your passwords and PIN are not connected in any way to birth dates, addresses or anything else that can be easily guessed.

And whilst these tips will go a long way toward protecting you from scammers, the best defence will always be common sense. If it sounds too good to be true, then it most definitely is.