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How To Protect Your Mobile Money Account From Fraudsters

The introduction of the mobile money platform in Ghana, particularly by MTN Ghana, has significantly streamlined payments and financial transactions for the local population.

This has empowered individuals to make instant payments and receive funds, regardless of their location, thereby simplifying financial activities for Ghanaians.

However, the success of the mobile money platform, especially the MTN mobile money service, has been marred by the persistent activities of fraudsters.

Numerous cases of mobile money fraud have been reported, where individuals have fallen victim to scams on the MTN mobile money platform.

In response to these challenges, the telecom company has implemented new safety measures, such as requiring customers to present their ID before allowing cash withdrawals.

Despite these measures, the effectiveness in preventing fraud remains to be seen.

To address concerns about securing mobile money from fraudulent activities, we have compiled a list of ways to enhance the safety of your mobile money.

By following these measures, users can better protect their mobile money wallets and contribute to the overall security of the platform.

Please read below to understand and implement these strategies for safeguarding your mobile money from potential fraud.

Change your PIN Code From Time To Time

Developing the habit of regularly changing your PIN code is a prudent practice, even on a secure mobile money platform.

Your PIN serves as the key to unlocking your wallet, and if a fraudster gains access to it, they could potentially withdraw funds from your account.

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It’s crucial to change your PIN periodically to enhance the security of your mobile money wallet. Consider making this adjustment every 3-4 months to minimize the risk of unauthorized access.

Additionally, when changing your PIN, ensure that you store the new code in a secure location to avoid forgetting it.

By incorporating this simple yet effective measure into your routine, you contribute significantly to the protection of your mobile money account and help safeguard your financial transactions from potential threats.

Do Not Approve Unaware Transactions

A tactic employed by some fraudsters involves tricking victims into approving a withdrawal command by sending them a notice to approve a mobile money transaction on their mobile device.

When individuals unsuspectingly approve such a transaction, money is deducted from their mobile money account and transferred to the fraudster.

Fraudsters achieve this by using the victim’s phone number and the SIM card of a mobile money merchant, which can be acquired relatively easily.

To safeguard against this type of fraud, it is imperative not to approve any transactions unless you are certain about the initiator.

If you receive a withdrawal notice from an unfamiliar source, it is strongly advised to ignore it and promptly report it to the telecom network.

Reporting such incidents promptly helps in mitigating the impact of fraudulent activities and reinforces the security of the mobile money platform.

Stop Paying Attention To Online Free Data And Airtime Forms

Fraudsters often employ a deceptive method to obtain your phone number by sending links that claim to offer free airtime and data. These links typically prompt you to fill out forms in order to claim the promised rewards.

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However, the information you enter into these forms is not used for the stated purpose but is instead retrieved by the operators of the fraudulent site.

They selectively extract the information they need, including your phone number, and discard the rest.

If your phone number is among the details collected, fraudsters can use it in attempts to compromise your mobile money account and engage in unauthorized transactions.

To protect yourself from such scams, it’s crucial to exercise caution and refrain from clicking on suspicious links, especially those promising free airtime or data.

Avoid providing personal information on unfamiliar websites to mitigate the risk of falling victim to fraudulent activities.

Check Your Balance Frequently

Being aware of the current balance in your mobile money account is a crucial aspect of safeguarding against potential fraud.

This knowledge becomes particularly valuable when someone contacts you, asserting that they have mistakenly sent money to your number and urgently require you to send it back.

This is a common trick employed by fraudsters to exploit unsuspecting individuals.

Fraudulent messages, often accompanied by dubious SMS claiming to be from MTN, may alert you that money has been deposited in your account.

If you are already aware of your account balance, you can cross-check the message to ensure that the stated balance aligns with your actual financial status.

Fraudsters typically guess the current balance, and by having this information in advance, you can easily identify discrepancies and recognize fake messages.

Knowing your account balance serves as a valuable tool in distinguishing legitimate communications from potential fraudulent attempts on your mobile money account.

Never Check Your Account Balance As Soon As Someone Calls You Claiming He Or She Has Made A Wrong Transaction To Your Account

A common and deceptive tactic employed by fraudsters involves initiating a mobile money request from your account.

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Subsequently, they will call you, claiming that they have mistakenly sent money to your account. They will advise you to check your balance to confirm the receipt of the funds.

After instructing you to check your balance, they abruptly end the call and wait for you to follow their suggestion.

When you dial the mobile money shortcode to check your balance, you’ll be prompted to input your mobile money PIN.

If you enter your PIN with the intention of checking your balance, you unwittingly fall into the trap set by the fraudsters.

It’s essential to exercise extreme caution in such situations. Be skeptical of unsolicited calls instructing you to check your balance and never share your mobile money PIN over the phone.

Genuine mobile money services do not require you to disclose your PIN during balance inquiries. By remaining vigilant, you can avoid falling victim to this type of fraudulent scheme.

Conclusion

These are valuable measures to protect your mobile money from fraudulent attacks orchestrated by fraudsters.

Staying vigilant and being two steps ahead is crucial, considering that fraudsters continually devise new tactics to exploit individuals.

It’s important to emphasize that legitimate entities, such as MTN, will not call you to offer promotions unless you have personally participated in a specific promotion.

The official number used by MTN Ghana for calls is 0244300000. Any call claiming to be from MTN that originates from a different number should be treated as suspicious and potentially fraudulent.

Fraudsters typically require your mobile money details to proceed with their duplicitous activities.

Therefore, it’s advisable to refrain from providing personal information over the phone, especially when you suspect that the caller is asking for excessive details.

By adhering to these precautions, you enhance the security of your mobile money and minimize the risk of falling victim to fraudulent schemes.

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