MoMAG warns mobile money users of cash-out fraud

The Mobile Money Advocacy Group Ghana (MoMAG) has cautioned mobile money users across the country to be vigilant when conducting cash-out transactions, warning of fraudulent activities by unscrupulous agents.

In a press statement dated October 22, 2024, signed by National Secretary Kingsley J. Amoako-Atta, the group highlighted the growing exploitation of customers and provided essential advice to help users safeguard themselves.

MoMAG emphasized several risks mobile money users should be aware of:

• Handing over phones to agents: Customers are advised not to give their phones to agents during cash-out transactions. Some agents may withdraw more than the agreed amount and delete the transaction record.

• Sharing MoMo PINS: Users are warned never to disclose their mobile money PINs to agents or anyone else. Dishonest agents may use the PINs to borrow funds from service providers, making it hard for customers to track these fraudulent activities.

• Unauthorised withdrawals: MoMAG urged customers to verify the amount being withdrawn during transactions, as some agents may intentionally authorise more than the agreed amount, especially if the customer has vision difficulties.

• Neglecting balance checks: Users should always check their balance immediately after completing cash-out transactions to ensure no unauthorised deductions have been made.

To safeguard against these risks, MoMAG recommended the following steps:

• Perform cash-outs independently: Customers are encouraged to learn how to complete transactions using the *170# USSD code or the MTN mobile app for secure operations.

• Trust limited agents: Building relationships with trusted agents can help minimise the risk of fraud.

• Keep your PIN confidential: Users must ensure that their PIN is kept private at all times.

MoMAG reiterated its commitment to protecting mobile money users while promoting a safe and secure mobile financial ecosystem.

The statement urged customers who suspect any foul play or experience issues during transactions to report the matter to their service provider’s customer care by dialling 100 for all networks.