MTN invests US $ 2.5 million to curb fraud

Giant MTN has stepped up effort to curb the menace of mobile money fraud in the country.

It follows plans by the telecom firm to invest some 2.5 million dollars to build upon its artificial intelligence to reduce the menace.

General Manager of Mobile Money Limited of MTN, Eli Hini made the announcement at their maiden virtual Annual General Meeting here  in Accra.

He revealed that’s over 40 mobile money fraudsters and some moneys have been retrieved from the fraudsters in some of the cases, based on intelligence MTN provided.

“We have built systems that are able to pick intelligence and lead to police swoops in specific communities where the fraudsters were arrested and some money retrieved for customers,” he said.

He, however, noted that whereas MTN invests heavily in artificial intelligence to fight MoMo fraud, it also behooves on customers to be on high alert and not expose themselves to fraudsters.

Meanwhile latest data reveals the banking sector recorded 2,295 fraud cases in 2020, a marginal increase from the 2,175 recorded in 2018. This is according to data released by the Bank of Ghana.

The total value of the 2,295 fraud cases recorded by banks and other financial institutions across the country, is approximately GH¢115.52 million.

Out of the amount, 33.44 million cedis was reported as losses while 82.06million cedis was recovered. In total, eighty-three (83) institutions reported cases.

Rural and Community Banks reported 55 per cent of the total cases, while commercial banks and savings and loans institutions reported 23 per cent and 22 per cent of the cases respectively. in 2019, as compared to seventy-two institutions (72) in 2018.

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