Mobile Money Fraud
As the use of mobile payments grows, so too do the risks of mobile payments fraud. Consumer, agent, partner frauds as well as internal frauds can put such a service at risk.
These risks can be mitigated with iGenuity Mobile Money module.
Mobile Money – the Challenge
Mobile Payments provides a mechanism for conducting financial transactions using a mobile device as an alternative to using cash, cheques or credit cards. The mobile device is linked to a bank account, card account (credit, debit or prepaid) or stored value (e.g., prepaid wallets, online stored value, stored value cards) from which money is deposit or withdrawn.
Mobile Money services are extremely attractive to fraudsters and those seeking vehicles for money laundering.