Cybersecurity expert warns of increasingly sophisticated MoMo fraud
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 […]
A cybersecurity expert, David Gyedu, has cautioned Mobile Money and bank users to exercise greater caution against increasingly sophisticated fraud methods, according to reports from the GTV Breakfast Show. He stated that Mobile Money fraud has evolved beyond simple phone calls to employ highly sophisticated social engineering techniques. "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.
Mr Gyedu highlighted the growing dependency on Mobile Money for daily transactions as a broader avenue for fraudsters to exploit. He predicted that MoMo fraud would escalate in the coming years, emphasizing the necessity for heightened public awareness. He urged for increased public education and awareness to match the evolving threats in the digital financial landscape.
He also warned about the growing threat of mobile money PIN malware, where users may inadvertently install malicious applications or divulge sensitive data through seemingly legitimate services. "They trick you into downloading illegitimate applications using advertisements like loan or investment and you’ll get double the money," he cautioned.
Gyedu also warned of social engineering tactics used by fraudsters to induce victims into sending money. These scenarios are designed to pressure individuals, often leveraging personal information to create convincing situations. "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," he said.
In addition to digital threats, Gyedu urged the public to scrutinize their ATM PIN entry practices and maintain vigilance over the security of their banking information. He suggested that customers stay in regular contact with their banks to promptly detect and flag suspicious activities on their accounts. In case of suspected fraud, he advised victims to immediately contact their bank, request the blockage of transactions, and report the incident to the relevant authorities.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
