A few days ago, I happened to do a mobile money transaction at a strategic business location in Accra. Fifteen minutes after the transaction, my phone rang. It was a call from an unknown number, the caller claimed to have mistakenly transferred an amount of money into my momo wallet.
I lost my cool and ended the call abruptly. Another call came through, I checked, and it was the same number, I hung up the second time. I thought that may be the final nail in the coffin of all these incessant calls. I received the third call in about 20 minutes from another unknown number, this time the caller was quite furious accusing me of theft.
Really! My jaw dropped. I hurriedly hung up the call to avoid more verbal assault in his shrill voice.
45 minutes had elapsed since the last call. I received the 4th call. On this occasion, the caller purported to be calling from MTN.
He mentioned my name and even predicted the amount I had in my wallet. I was quite amazed at his "prophetic utterance”.I had no idea MTN would contact people for that purpose. He disclosed to me that he was calling from the MTN Call Center and that they had received signals of an attack on my mobile money account.
He told me of the need to safeguard my momo pin from any fraudster. He assured me of blocking their numbers in the system.
All this while, I knew "the enemy" was at work, the same "enemy" with a different strategy. The scripture in 2Corinthians 11:14, came to mind - "But I am not surprised! Even Satan disguises himself as an angel of light".
I played the devil's advocate while we spoke on the phone. Besides, I knew he had only one intention- to steal. "The thief comes only to steal and kill and destroy..." John 10:10.
I played along to everything He asked me to do like a neem tree would dance to the tune of the wind. The fact that I had a superior knowledge of his schemes made me feel like a Superman. I understood in a more practical way when Apostle Paul said, "For we are not ignorant of the devices of the enemy least he takes advantage of us".
As we progressed in the conversation, I noticed the sudden change in his voice. It dawned on him that He had "met his metre". I wished him a Happy New Year and ended the call.
As I reflected on my harrowing encounter, I pondered over the countless victims who may have fallen victim to the tricks of these fraudsters. I once had a bad experience under a different circumstance where I transferred a whopping amount of GH¢3,600.00 to a fraudster. I had learned by experience and could not imagine being tricked the second time.
The other side of the story that was quite troubling to me was how after doing a mobile money transaction at “Kadoventures” (not exact name), I would be receiving calls from fraudsters.
The million-dollar question is, do some of the mobile money ventures work with these fraudsters or do they have some representatives at the MTN call center? You may wonder why I ask this question. Two weeks before this ordeal at this strategic business location, I had made a similar momo transaction around my place of work without a flash from a fraudster.
Many of you reading this write-up may agree with me that my questions are very legitimate. Perhaps, you may have had your own experience with a fraudster or at least you may know someone who may have fallen into the wrong hands of a fraudster.
It's worth mentioning that Mobile money fraudsters have become very sophisticated and not a nationwide biometric sim card registration could clamp down on their activities, but it stands to reason the effectiveness of the biometric sim card registration and how these fraudsters have been emboldened knowing their fingerprints were taken. If indeed, there is no unregistered SIM card in our system.
Data from the Bank of Ghana shed light on the prevalence of mobile money-related fraud incidents, revealing the magnitude of the issue. According to the Bank of Ghana, Payment Service Providers (PSPs) recorded 12,166 mobile money-related fraud incidents in 2022 compared to 12,350 incidents in 2021, indicating a 1% decrease. However, the total value of fraud reported by PSPs for 2022 amounted to GH¢ 27 million, which is significantly higher than the value of GH¢ 14.2 million recorded in 2021.
As a nation, we must confront this threat head-on, recognizing the grave implications it poses not just for individual victims, but for the fabric of our entire society. Failure to address mobile money fraud with diligence and urgency risks allowing it to metastasize, infiltrating various sectors and eroding the trust and confidence upon which our financial systems rely.
The consequences of unchecked mobile money fraud extend far beyond monetary losses. They undermine the integrity of our financial institutions, tarnish the reputation of legitimate mobile money ventures, and sow seeds of distrust among consumers. Moreover, the proliferation of fraud perpetuates a cycle of victimization, leaving individuals and businesses vulnerable to exploitation and hardship.
The crux of the matter lies in recognizing the prevalence of numerous untold narratives surrounding mobile money fraud. Regrettably, this reality underscores the fact that we have a long way to go as a nation in combating a menace that has entrenched itself within the very fabric of our society.
Reuben Noye Adumuah
Tema Diocese, Kpone Circuit.