New Mobile Money Scam Flagged, MoMo Agents Share How to Protect Yourself

• The Mobile Money Advocacy Group Ghana raised the alarm after a mobile money agent allegedly lost GH₵10,000 in a cash swap scheme
• A customer reportedly returned a bundle of money that appeared identical to the original, but GH₵200 notes had been replaced with GH₵1 notes
• MoMAG urged all mobile money agents to recount cash every time it leaves and returns to their hands, regardless of how familiar the customer appears

The Mobile Money Advocacy Group Ghana (MoMAG) has called on mobile money agents across the country to exercise greater caution after an alleged cash swap scam left one agent GH₵10,000 out of pocket.

The group shared details of the incident in a Facebook post on Friday, July 17, describing what it characterised as a calculated act of deception that mobile money operators must guard against.

According to MoMAG in the statement on Facebook, a customer approached the agent to initiate a transaction but shortly afterwards claimed the intended recipient was unreachable and asked to cancel the process.

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The agent stopped the transaction and refunded the cash to the customer.

The customer then left, only to return a short time later carrying what appeared to be the same bundle of money, identifiable by the black rubber band around it, and handed it back to the agent.

Assuming it was the same bundle she had already counted and verified, the agent accepted it without checking the contents again.

It was only after the customer had departed that the agent made a distressing discovery: the GH₵200 notes she had originally handled had been swapped out for GH₵1 notes, resulting in a loss of GH₵10,000.

MoMAG's Advice to Mobile Money Agents

MoMAG described the incident as a sobering illustration of the vulnerabilities mobile money agents face in the course of daily operations.

"Never trust the appearance of the bundle — verify the contents every single time. Whether the customer is new, familiar, polite, or in a hurry, recount the money before proceeding. A few extra seconds of verification can save you from losing months of hard work," the group stated.

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The advocacy group noted that fraudsters frequently rely on distraction, a sense of urgency, and the natural tendency to make assumptions to deceive vendors.

Agents were advised to recount cash at every stage it changes hands, resist pressure from customers who appear to be in a rush, and limit distractions during transactions.

MoMAG also encouraged agents to scrutinise any unusual or suspicious circumstances before completing a transaction and to adhere consistently to established transaction protocols as a defence against financial loss.

Source: YEN.com.gh