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FraudBuster MoMoSe (Mobile Money Security) is the only solution to proactively prevent and stop mobile money fraud.

The estimated annual loss per mobile money provider due to fraud exceeds $1 million per year.​​

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Fighting different types of mobile money fraud

User targeted fraud: scams, phishing, smishing, vishing, etc…, usually inspired by social engineering.

Operator targeted fraud: mainly, though not limited to, agents and dealers exploiting loopholes in bonus and commission structures.

Government targeted fraud: money laundering or regulatory/contract violations/circumventions


Even though mobile money operators’ direct financial losses are especially related to the second type, scams account for important indirect losses too.

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Safeguarding your network,
securing your revenue

Striving for improved financial inclusion on a worldwide basis, mobile money grows at a fast pace year after year. With advances services, such as microfinancing, loans, virtual credit cards, insurances, increased merchant payments etc still in their infancy in many countries, growth prospects are bright.

According to GSMA, impersonation and insider fraud are today’s most prevalent fraud schemes

Read the full report

Identity fraud
90%
Social engineering schemes
88%
Insider fraud
86%
SIM swap fraud
79%
Cyber-fraud
60%
Commissions fraud
56%
Reports show that, for every subscriber who was the victim of phishing, mobile money operators instantly lose on average another 10 subscribers, not feeling sufficiently protected.
An appalling 96% of mobile money fraud is detected through customer complaints instead of fraud tools!

Engineered for maximum security,
proven to pay off.

Despite the fact that most operators run multiple lines of defence, such as KYC, KYdealer, session and transaction monitoring, etc…, FraudBuster’s solution takes protection against mobile money fraud, both for users and operators to the next level.
KEY BENEFITS

Thanks to FraudBuster’s AI and deep machine learning based platform and the
interaction with our client’s mobile money wallet, we outperform any competitor:

COMPLETE DETECTION

FraudBuster is the only supplier analyzing data from both the telco and mobile money side in real time;

PREVENTION

FraudBuster is capable of identifying and blocking fraudster’s resources, i.e. SIMs and IMEIs, before fraudulent cashouts take place;

STOP

FraudBuster proactively puts a halt to the number-1 type of mobile money fraud, i.e. phishing, and maps loopholes in the operators’ commissioning systems so any back doors can be shut.

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Our solution has a lasting positive impact on both mobile money users as operators.

USER SIDE

Increased transaction volumes​

Higher customer satisfaction

Higher level of trust and retention

Less complaints

OPERATOR SIDE

increased market share and revenue

Better market reputation

Higher customer loyalty

Boosted brand image

References

Despite FraudBuster’s MoMoSe (Mobile Money Security) being brand new, it was backed up by a series of POCs with new and existing customers, clearly demonstrating its unique capabilities.

The FraudBuster pilot for AfriMoney was an unexpected success. When we began the pilot, we thought we knew most of the commission manipulation that was taking place in the channel. However, after the results from the pilot were presented, we were blown away by the amount of commissions being paid out for fraudulent transactions.

The FraudBuster team were also very supportive, providing their own insights and assistance in identifying and addressing the commission losses. With this level of scrutiny on the transactions, we will be able to implement more comprehensive and sustainable commissions and promotions, knowing that commission manipulation will be a minimum.

As a result, we are looking forward to expanding the services of FraudBuster in the future to minimize losses and increase valid transactions.

– Kate Roze, CEO Afrimoney Gambia

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