Airtel Malawi intensifies security to fight mobile money fraud
Airtel Malawi has introduced new security features to safeguard customers against mobile money fraud.
Airtel Malawi Managing Director Charles Kamoto disclosed this during a meeting with the Parliamentary Committee on Media, Information, and Communications Technology in response to concerns regarding fraud.
“We have introduced an SMS verification feature which will send free auto-generated message to the user’s mobile number to authenticate ownership before logging into the app, thereby adding an extra layer of security.”
Kamoto further said they have introduced biometric facial or fingerprint recognition which will be used by customers with phones of this ability.
Kamoto believes that the new features will address the rising fraud incidents associated with customers releasing OTP to fraudsters.
Mobile money fraud can therefore be defined as fraud that takes place on assets owned or held by a mobile money service to the detriment of a mobile money service provider, its customers, agents or third parties. Assets include money, information, and intangible assets such as brand, reputation, or services.
Whenever you make a deposit at any mobile money merchant shop, make sure you receive a confirmation text before you leave. Make sure the text received is from the said telecom company. Be vigilant and watch out for text messages from suspicious phone numbers.
Both consumers and agents are affected by fraud in key mobile financial services markets. For years, common types of fraud have included identity theft through SIM swaps (as in the example above), phishing, promotional and social engineering scams, fake currency deposits, and ATM withdrawal frauds, to name but a few.
Alongside revenues from stolen goods, another way successful fraudsters make money is by selling their successful fraud methods to other bad actors. When they find a loophole, a fraudster can sell the tip to others who will exploit it as long as they can. All of this means fraud is a profitable business.
