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.