@TheStar

Mobile money: The Double-edged sword - 9 months ago, 13 July 00:51

Abel Muhatia @muh ...

Pamela Momanyi, a business woman at Wakulima Market, received a message from an unknown number notifying her of Sh4,500 sent to her through M-Pesa.

The “sender” later called asking her to send back the cash - even if it was half - because it had been sent erroneously. She sent back the full amount without verifying the number, only to realise later she was conned. That is how Pamela joined a list of thousands of Kenyans who have lost billions of shillings to mobile money fraudsters.

A study released yesterday shows Kenyans lose an average of Sh15,000 per financial service transaction per month to suspect mobile phone calls and short message services.

Kenya Financial Transaction Fraud study indicates more than 70 per cent of Kenyans have been victims of financial fraud, or know someone who has.

Further, the data reveals one is more more likely to be conned through a mobile money transaction compared ...
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