Social engineering accounts for about 90% of fraud-related activities on mobile money platforms, highlighting the need for stronger customer awareness and safer digital transaction practices, Paapa Osei, Chief Legal, Regulatory Affairs and Reputation Management Officer at MobileMoney Fintech Limited, has said.
He said fraudsters increasingly exploit customers’ trust and manipulate them into disclosing confidential information, making public education a critical part of efforts to protect users and strengthen confidence in Ghana’s digital financial services.
Mr Osei made the remarks during a customer engagement forum organised by MobileMoney Fintech Limited, known as MTN MoMo, under its “More Cashless Conversations” initiative.
He said the company was intensifying efforts to educate customers on fraud prevention, including plans to extend awareness campaigns to markets, schools and churches.
The campaigns would focus on helping customers identify suspicious approaches, recognise warning signs and avoid actions that could expose their accounts to fraud.
“Customers need to protect themselves,” he said, urging users not to share their personal identification numbers (PINs), transaction codes or other confidential security information.
However, he stressed that the responsibility for combating fraud did not rest entirely with customers, noting that service providers also had to strengthen education and take further measures to protect users.
“The onus is not necessarily just on the customer. It is for us also to create further awareness and do more as an organisation,” he said.
Mr Osei also urged customers to report suspected fraud promptly, explaining that timely reporting was an important step in addressing incidents.
His comments highlight the human vulnerability behind many digital fraud schemes, where criminals manipulate victims into voluntarily disclosing information or authorising transactions rather than relying solely on technical breaches.
As mobile money increasingly supports payments, transfers and other financial services in Ghana, such schemes pose risks to household finances, small businesses and confidence in digital payment systems.
Fraud-related losses can undermine the benefits of digital financial inclusion, particularly for customers and small businesses that depend on mobile money for daily transactions.
Mr Osei said the company would continue engaging customers to understand their concerns and improve the safety and reliability of its services.
The “More Cashless Conversations” forum provides a platform for customers to raise concerns about fraud, service delivery and the use of mobile money products, while allowing the company to gather feedback to guide improvements.
MobileMoney Fintech Limited also offers services beyond money transfers, including savings and loan products, as part of the expanding digital financial services ecosystem.
The company works with 23 banking partners and other payment service providers to deliver services to customers.
The fraud awareness drive forms part of broader efforts to strengthen customer protection as digital financial transactions become increasingly embedded in Ghana’s economic activity.
