GHANA: Mobile Money Official Denies Staff Role in Fraud Amid Rising Security Concerns

The Chief Risk and Compliance Officer of Mobile Money Limited, Godwin Tamakloe, has dismissed allegations that company staff or agents facilitate fraud by accessing customer PINs, addressing growing public anxiety over mobile money scams in Ghana.

Tamakloe emphasized during a televised interview that the system’s design ensures only users control their PINs, which are generated automatically and sent directly to customers via SMS.

“Our staff cannot access your PINs. The system generates them, and customers receive the PIN directly via text. Users can and should change this PIN immediately for added security,” Tamakloe stated on Channel One TV’s Breakfast Daily on Friday, May 2. His remarks followed a viral April 16 incident where a woman claimed to lose GH₵11,000 from her mobile wallet despite never disclosing her PIN, fueling speculation about insider involvement.

Tamakloe urged customers to avoid sharing personal information and to report fraud promptly to aid investigations. MTN Ghana, a major mobile money provider, echoed this stance, reiterating that withdrawals require PINs and stressing user vigilance. “Funds cannot be moved without compromised credentials,” the company noted in an April statement.

The mobile money sector, a cornerstone of Ghana’s financial inclusion strategy, faces escalating cybercrime threats. Industry leaders cite enhanced encryption and customer education as critical defenses. However, recent cases highlight vulnerabilities, particularly among less tech-savvy users targeted through phishing schemes or fake promotions.

Ghana’s mobile money transactions surpassed GH₵1 trillion in 2024, reflecting widespread reliance on digital payments. Yet fraud reports have risen in tandem, with the Cyber Security Authority recording a 35% increase in digital financial crimes last year. Analysts argue that while system safeguards are robust, social engineering tactics exploit human error, necessitating grassroots awareness campaigns.

Tamakloe’s assurances aim to restore trust, but challenges persist. Experts call for stricter fraud detection protocols and streamlined reporting mechanisms to protect Ghana’s 40 million mobile money users. As digital transactions grow, balancing accessibility with security remains pivotal to sustaining confidence in the country’s financial ecosystem.

SOURCE: NEWSGHANA