The world is moving into an age where physical cash is no more a compulsory requirement for daily transactions. Credit and debit cards are popularly being used as an alternative for cash in many establishments. In recent years crypto currency is also being used as a way of making transactions seamless however because not many businesses have the means of accessing the funds by this means, this means of transaction have been reserved for use by businesses that have advanced to make room for them.
In Ghana, mobile and e-banking has been gaining popularity with over 38.9% of the population over the age of 15 having mobile banking accounts using it as means of making transactions every day with many more using mobile banking services through family and friends. However, with the popularity of these services there has been a rise in scams and swindling. In fact, almost every day, a different form of mobile banking fraud is being discovered. Statistics in 2017 have shown that, at least 50% of mobile banking subscribers have faced one form of fraud or have been targeted by fraudsters. Over the past few years ingenious ways have been employed by fraudsters in an effort to gain access to their targets. In an effort to reduce mobile banking frauds, service providers have advised patrons to follow the precautionary measures.
- Protect personal identification numbers from unknown sources. One of the means used to defraud mobile banking users is by enticing patrons to provide their pin which is then used to withdraw or transfer their money
- Beware of unsolicited messages which are increasingly being used to entice users to provide information to fraudsters sometimes as a means to winning a prize
- When making payments on apps using mobile banking, check the authenticity of the app to ensure that service providers have given authorization and employ the two-step verification functions on these apps to ensure security
- It is also advisable not to trust anonymous calls that involve mobile banking. It may be a fraudster trying to make a quick buck
- Also is important to report any situation where anyone tries to use any of the methods to gain access to a user’s funds.
Although following the aforementioned recommendations ensures that one does not fall victim to swindlers, it is also important to keep one’s eyes wide open to catch any vicious ploy with evil intent.
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