How To Protect Your Mobile Money Account Against Fraudsters

Here is How To Protect Your Mobile Money Account Against Fraudsters. Years ago, Mobile Money transactions were set up in Ghana. Since then, payments and other financial transactions have become faster and easier.

Mobile money now made sending and receiving of different kinds of transactions from anywhere very easy.

Infact, Mobile Money really made a lot of positive changes in our lives, especially MTN Mobile Money.

However, since everything has a disadvantage as well as an advantage, one of the major disadvantages that comes with mobile money transactions in Ghana daily, is the growth of mobile money fraud.

Fraudulent activities regarding mobile money have caused people lots of challenges and even caused lives.

This article is mainly about the dos and don’ts which will greatly help you protect you and your mobile money from any of these merciless cheaters.

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Changing your Mobile Money PIN Code Regularly

The mobile money platform has provided very secured and safe ways to help protect out mobile money accounts. One of these methods of protection is the Personal Identification Number (PIN) which helps you access your mobile money account. This raises the level of difficulty in terms of hacking it (Mobile Money). This brings us to protecting your account using a strong PIN and also by changing it regularly and not sharing it as well.

Since your PIN code is the ultimate key to your mobile money wallet, you might lose your money if shared. This is because, with your PIN code, anyone can access your wallet and make withdrawals. Therefore, it is recommended that you change your PIN code from time to time to deprive fraudsters of your PIN even if they know it especially when you suspect your PIN has leaked. Also, it is advisable that in a time span of 2-3 months, you change your PIN.

Cancel Unknown Transactions

Withdrawal request is another method these fraudsters can use to play games with your brains. The moment any of those transacts are approved, you have automatically given out your account. And money of any amount (provided it is lesser or equal to the amount you have in your account) can be withdrawn.

It takes just a merchant SIM Card and your number to request such a transaction. Think of how smooth it is for anyone to get any of these. You therefore need to be security conscious and take no chance.

Anytime you get notified of proceedings / transaction you have no idea of, simply turn it down and notify your service provider about it.

Stay Away From Free Data And Airtime Applications.

A different method these fraudsters use to access your mobile money details is through the sharing of links on social media. These links turn out to be forged. And they usually redirect you to fill out certain forms in the name of getting free data and airtime.

Filling this kind of forms exposes you to the state where you can easily give out your phone number and other personal details.

These information you provide are saved onto servers. And so your details can be accessed any time to facilitate the defrauding process.

Frequently Check Your Mobile Money Wallet

Apart from you and any other person who uses your phone, no other person has any idea about your mobile money balance.

Since these fraudsters don’t know your wallet amount, they will forge a fake Mobile Money alert to fetch that amount.

It is therefore highly recommended that you check out your wallet very frequently. Especially when there are alerts referring to cash ins. If there’s any amount stated in the message and it’s different from the amount in your account, know that you’ve just been saved from a possible scam.

Finishing

Above are the precautions you’ve got to take to prevent being frauded with the usage of Mobile Money.

Even though there may be other means to protect your Mobile Money wallet, these are the major ways to protect yourself. These are precautions based on our experience with the MTN Mobile money as well as fraudulent activities associated with it.

You are however, welcome to leave a suggestion, enquiry, reservation or comment in the comment box below.