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Mobile Money transactionsMobile money  has been credited as a game changer enhancing money transfer systems and the way through which business is conducted. Many of us know or have heard of cases where one falls a victim of a fraudulent transaction and end up getting conned of their money.

Victims sometimes do not seek legal help because of the expenses usually involved in following up the cases, this can be attributed to the fact that most subscribers had sim cards which were not registered and  the fraudsters just get rid of the sim card and buy another one. The good news here is that there has been Sim Card registration taking place and every active mobile contact number will have to be registered.

Fraud in the mobile money industry is on two levels, there is fraud within the service provider where employees find a way of robbing the money from within they system. I can not say much about this case because it greatly depends on how their system is designed and i do not have an idea on how it operates. The second level is where fraud takes place between daily transactions as one subscriber sends to another. Below are some tips to help you not to fall a victim.

  1. Always Check your balance before  confirming that you have received the money. There are a number of online solutions where someone can send a text message with a customized sender ID, what usually happens is that someone will send you such a message when they are supposed to be sending you an amount of money. Only the Mobile Money service provider usually knows how much money was on your account, in case you receive a message which does not tell you your current total balance, go to the menu and make a balance request or check your mini statement.
  2. Always confirm the receiver number before going ahead with a transaction. It is not easy to get back your money when it is acccidentaly sent to a wrong number, one is at the mercy of the receiver sending back the money. In cases where the receiver does not, one is supposed to go to the nearest service center and  file a complaint which takes time and in that case, the receiver may have already withdrawn the money. To save your self  from all this hustle, double check the receiver’s number before confirming a transaction.
  3. Withdraw from authorized agents. Always make sure you make cash withdraws from authorized agents, this helps you follow up your transaction incase you realize any problem. a number of places especially in busy places have makeshift operators who do not take down details but will offer to carry  out your transaction, these are sometimes not there the next day when you try to access them.
  4. Always call the recipient before and after sending. This helps you confirm that you are sending to the right person, it also helps you confirm if the person has recieved the money. In cases where the recipient has not yet received the money, check your mini statement to confir the number you sent to. If is is the right number, call the service center and make a follow up on the matter.

The  above avenues are some of the ways you can protect yourself from falling a victim of Mobile Money fraud. Be cautious next time you are carrying out a transaction.