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Fraud in Mobile Financial Services

The paper provides numerous and diverse examples of frauds committed on mobile financial services as well as discussing possible mitigation strategies. Fraud is not unique to mobile financial services, it occurs in all financial services. Nevertheless, since mobile financial services are one of the high potential methods to increase financial inclusion and extend financial services to the mass market, fraud in this domain has wider implications. These are discussed along with the role that donors, consultants and regulators might play to help mitigate fraud and reduce its impact.

CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.

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