MTN Ghana has revealed measures taken to address mobile money theft and disappearing airtime, prioritizing the safety of its customers. CEO, Selorm Adadevoh, shared these initiatives during a recent event in Accra. Despite challenging regulatory and economic conditions, the company’s half-year results showcased impressive profit and sales growth. Adadevoh emphasized the issue of mobile money fraud, where criminals switch SIMs, enabling them to access victims’ bank accounts and steal money. To counter this, MTN has implemented an API to alert banks of any SIM swaps, preventing unauthorized transactions before customers are aware.
Techfocus24 previously reported incidents where three Ecobank customers had their MTN SIM cards illegally swapped, resulting in significant sums of money being stolen from their accounts: GHS250,000, GHS32,000, and GHS4,000 plus US$8,000. To counteract this, MTN has implemented an API (applications programming interface) that alerts banks whenever a swapped SIM is being used for a transaction. This proactive measure ensures that any attempts to access a customer’s bank account using a swapped SIM can be prevented, with banks being notified even before the customers themselves are aware of the SIM swap.
“We are currently testing the API with specific organizations in order to ensure the safety of our clients. Our aim is to make it even stronger before fully implementing it,” he explained. As per the regulations, only the owner of the SIM card can request a SIM exchange, typically due to damage. Moreover, the owner must personally visit the telecom’s location with their Ghana Card to proceed with the swap.
Unfortunately, some scammers have managed to collude with telecom employees to fraudulently switch the SIM cards of unsuspecting individuals. They then use the obtained details to steal money from their bank accounts or mobile money wallets. Unfortunately, some scammers have managed to collude with telecom employees to fraudulently switch the SIM cards of unsuspecting individuals. They then use the obtained details to steal money from their bank accounts or mobile money wallets.
To combat such deceitful practices, MTN has formed an MoU with the Economic and Organised Crime Office (EOCO) and is investigating several instances of SIM swaps. Furthermore, MTN is actively assisting clients in managing risks associated with their mobile money wallets. If a consumer is scammed without any fault of their own, MTN intervenes to ensure they are protected.
Another measure taken by MTN is to clean up its digital content platform, erasing any unauthorized subscriptions that consume airtime on customers’ phones. In addition to this platform cleanup, Selorm Adadevoh mentioned that MTN is proactively contacting customers with such subscriptions, which are still being paid for despite not being utilized. If customers are unaware of these subscriptions, MTN assists them in deactivating them, enabling them to use their airtime as they wish.
The CEO highlighted that MTN’s digital revenue has been declining steadily since last year, prompting these proactive measures.