MobileMoney Ltd, in collaboration with the Economic and Organised Crime Office (EOCO), has taken a significant step in combating the escalating issue of mobile money fraud in Ghana. Both organizations have signed a Memorandum of Understanding (MOU) to address the growing concern and work towards finding effective solutions. This partnership reflects the urgent need for concerted efforts and multi-sectorial collaboration to tackle the rising menace of mobile money and internet fraud.
EOCO Sign MoU To combat MoMo Fraud
According to the Banking Sector Fraud Report by the Bank of Ghana, Ghanaians fell victim to a staggering GHS82 million in fraud within the formal financial space in 2022. Out of this amount, GHS26 million was attributed to mobile money-related fraud, highlighting the pressing need for action. With the increasing use of technology to drive financial inclusion, a greater number of Ghanaians, especially the uneducated population, are being exposed to the risks of digital finance.
COP Maame Yaa Tiwaa Addo-Danquah, the Executive Director of EOCO, emphasized the challenges posed by organized crime and stressed the significance of collaboration between the two institutions. While mobile money has brought numerous benefits and convenience to Ghanaians, it has also provided an avenue for criminals to engage in fraudulent activities. Coping with internet-facilitated crimes requires heightened collaboration among stakeholders.
This collaboration also provides an opportunity for increased capacity building and sustained public engagement to combat mobile money fraud. MobileMoney Limited, represented by CEO Shaibu Haruna, expressed its commitment to working with the government and other stakeholders in combating fraud. As a leading provider of digital financial services, MobileMoney Limited recognizes the importance of collaborating with EOCO to tackle fraud and organized crime. By doing so, they can ensure the safety and reliability of their services, ultimately protecting their customers and the general public from financial crimes.
The Bank of Ghana’s recent fraud report revealed a slight decrease in reported cases of mobile money fraud between 2021 and 2022. However, the value of losses through mobile money transactions has significantly increased. The report indicated a 103 percent increase in losses, amounting to GHS26 million. This emphasizes the pressing need to enhance security measures and raise fraud awareness as mobile money and digital payments become the preferred mode of transactions.
The collaboration aims to develop robust measures, increase security, and intensify public awareness to protect individuals and businesses from falling victim to fraudulent activities. By working together, these organizations can address the growing challenges posed by digital finance and ensure a safer environment for financial transactions.