By McDonald Amankwah
A cybersecurity expert, David Gyedu, has warned Mobile Money and bank customers to be increasingly cautious as fraudsters adopt more sophisticated methods to access sensitive financial information.
Speaking on the GTV Breakfast Show, Mr Gyedu said Mobile Money fraud had evolved significantly over the years, moving from simple attempts to obtain personal information through phone calls to more sophisticated forms of social engineering.
“Gone are the days when you receive a call saying it’s from abroad. Now they’re deploying the use of highly sophisticated mechanisms to be able to scam you.”
He said the growing reliance on Mobile Money for everyday transactions had also created a wider avenue for fraudsters to target users.
“I see MoMo fraud growing higher in the future,” he said, stressing the need for increased public awareness to keep pace with emerging threats.
Mr Gyedu said public education and awareness must increase alongside the growing use of digital financial services.
He also raised concerns about what he described as mobile money PIN malware, warning that unsuspecting users could be deceived into installing malicious applications or providing sensitive information through seemingly legitimate services.
“They trick you into downloading illegitimate applications using advertisements like loan or investment and you’ll get double the money.”
The cybersecurity expert further warned that fraudsters could use social engineering to create convincing situations designed to pressure victims into sending money themselves.
“Situations are staged in order for you to send money. They dig through your background and use that information to trick you using work or familiarity.”
Beyond mobile devices, Mr Gyedu urged the public to be cautious when entering ATM PINs and to pay close attention to the security of their banking information.
He also encouraged customers to maintain regular communication with their banks so that suspicious activity on their accounts could be detected and flagged promptly.
Mr Gyedu advised anyone who suspects they have fallen victim to fraud to contact their bank immediately and request that transactions on the account be blocked, before reporting the incident to the appropriate authorities.
