With mobile money frauds on the rise, it is imperative for you to know how these dupes are carried out because information is the cornerstone of preventive strategies.
Mobile Financial Services (MFS) are an ambassador of change when it comes to financial inclusion. MFS did what conventional banking system failed in doing – bringing the unbanked populace within the banking ambit and decluttering the banking hassles significantly.
Unfortunately, unscrupulous elements are plying their “craft” on MFS, nullifying the benefits of financial inclusion, denting the credibility of the service provider and leaving the user financially depleted. As one of the leading consultancies, Alankit Assignments Limited has been keeping a tab on MFS frauds and educating users with deterrence methods for a while now. Here’s what the consultancy has to say on inherent risks and risk management strategies in mobile money.
According to Alankit Assignments Limited, frauds related to mobile money are escalating by the day. This is a direct consequence of the popularity of MFS among folks and the kind of money transacted each day, running into billions of Rupees. Be it the customer or the agent, no one in the MFS ecosystem is immune to the frauds. Recently, there has been a significant rise in the number of customers facing frauds where the user is robbed blindly of his finances due to negligence or abject financial and technical illiteracy. The frauds are more profound and intricate when the retail market is targeted, leaving a larger number of victims in its wake.
How I can be taken for a ride, you may ask. As per Alankit, fraud can happen in various ways due to inherent risks in the system and inventive ways of fraudsters. They may call you to know your personal, PINs and bank details or gather them from other sources. Fake circumstances may be created to tall promises may be made to allure you into transacting money. Cases of Payroll frauds where money is directed to fake employees are also commonplace and so are about face request frauds and transactional and registration frauds.
Mobile Financial Services (MFS) are an ambassador of change when it comes to financial inclusion. MFS did what conventional banking system failed in doing – bringing the unbanked populace within the banking ambit and decluttering the banking hassles significantly.
Unfortunately, unscrupulous elements are plying their “craft” on MFS, nullifying the benefits of financial inclusion, denting the credibility of the service provider and leaving the user financially depleted. As one of the leading consultancies, Alankit Assignments Limited has been keeping a tab on MFS frauds and educating users with deterrence methods for a while now. Here’s what the consultancy has to say on inherent risks and risk management strategies in mobile money.
According to Alankit Assignments Limited, frauds related to mobile money are escalating by the day. This is a direct consequence of the popularity of MFS among folks and the kind of money transacted each day, running into billions of Rupees. Be it the customer or the agent, no one in the MFS ecosystem is immune to the frauds. Recently, there has been a significant rise in the number of customers facing frauds where the user is robbed blindly of his finances due to negligence or abject financial and technical illiteracy. The frauds are more profound and intricate when the retail market is targeted, leaving a larger number of victims in its wake.
How I can be taken for a ride, you may ask. As per Alankit, fraud can happen in various ways due to inherent risks in the system and inventive ways of fraudsters. They may call you to know your personal, PINs and bank details or gather them from other sources. Fake circumstances may be created to tall promises may be made to allure you into transacting money. Cases of Payroll frauds where money is directed to fake employees are also commonplace and so are about face request frauds and transactional and registration frauds.
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