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Mobile Money Frauds in the African Continent
Abstract
During the last decade, the mobile telecommunication industry has witnessed rapid growth in developing countries, which has facilitated access to cheap and reliable financial services for rural dwellers and the unbanked population. This chapter examines mobile money fraud in developing countries by tracing the evolution of mobile money services, exploring the nature and forms of mobile money fraud and its effects on service providers and users as well as the strategies for minimizing mobile money fraud. The chapter contends that while it may not be possible to completely eliminate mobile money fraud, some key strategies such as collective action, strong regulatory frameworks, and standardization of mobile money transaction processes are important in reducing the phenomenon. The chapter argues that as technology continues to improve, so will the provision of mobile money services, which will result in new forms of fraud. The chapter, therefore, proposes the need for continuous monitoring of mobile money fraud in order to design and implement effective fraud mitigation measures.
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