The risks
- SMS fraud: Fraudsters exploit vulnerabilities in SMS-based authentication systems, such as those from your bank or a government department which sends you a text for you to enter on their website to prove your identity. They intercept or manipulate SMS messages containing one-time passwords to gain unauthorised access to your accounts or perform illicit transactions.
- Identity theft: This takes place when a fraudster steals personal information – such as your account details or identification documents – to impersonate you. It can lead to unauthorised transactions and financial losses as well as the ability to apply for credit, a passport, phone account or loan in your name.
- SIM swap fraud: Fraudsters use confidential information gained about and/or from you manipulate mobile network operators to transfer your phone number to a new SIM card under their control. Once they have access, they can intercept authentication messages and conduct fraudulent transactions.
Protect yourself from mobile money fraud
- Set a strong PIN or password for your mobile money account. Avoid using easily guessable passwords, like commonplace words, family member names, your or family birthdays or number sequences. Please see the advice page on passwords on this website.
- If you mobile money provider offers it, enable Two-Factor Authentication (2FA), which adds an extra layer of security by requiring a second form of authentication (such as an SMS code, email or app-generated token) in addition to your PIN.
- Fraudsters frequently impersonate mobile money providers, sometimes spoofing their email addresses or phone number. Stay alert for unsolicited messages or calls claiming to be from your mobile money provider, and never share sensitive information over the phone or via text or email unless you started the conversation.
- Keep your phone locked with a PIN, password and/or biometric authentication. In the event of loss or theft, report it immediately to your mobile money provider to prevent unauthorised access.
- Review your transaction history regularly and report any suspicious or unauthorised transactions immediately to your mobile money provider to enable them to investigate and take the appropriate action.
- Don’t use public Wi-Fi hotspots – for example in cafes, bars, hotels and transport facilities – for conducting mobile money transactions. There’s no guarantee that these are secured, or they may even be fraudulent hotspots set up to emulate legitimate ones.
- Ensure that your mobile money app is up to date. App updates often include security patches to address vulnerabilities. Also, make sure your device’s operating system is always kept updated to the latest version.
- Keep up-to-date about common frauds, including SIM swap fraud, phishing and other scams.