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Mobile Money

Review your Mobile Money risk management strategy: ensure long-term effectiveness.

Mobile Money (MoMo) Risk Management

As the reach and impact of mobile money increases, so too do the demands placed on risk management controls that underpin mobile money. In their quest for business growth, mobile money providers and other users of their platforms, including banks, need to implement the appropriate controls that strike an appropriate balance between risk management and other business objectives. In the end, all stakeholders need to be prepared for the risks as they emerge and put early warning mechanisms in place to identify and control illegal activities.

Prebuilt controls against anti-money laundering scenarios

Mobile money services are currently being deployed in many markets across the world. However, concerns have arisen that mobile money services can be used for money laundering and terrorist financing (AML/CTF). Following the regularly accepted norms in the electronic financial services, RAID for Mobile Money has been designed with control mechanisms to assure a high level of Anti-Money Laundering (AML) and Know Your Customer (KYC) monitoring capabilities to reduce the inherent risks of AML.

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Protection against account takeover based on SIM SWAP

SIM SWAP remains one of the main root causes of mobile money account takeover. After obtaining personally identification information, fraudsters can proceed to swap the SIM card, thereby gaining access to all the SIM services including mobile money transfer, mobile and internet banking, in addition to any other service that can be accessed through the SIM. It’s tough to detect SIM card fraud before it happens. Most victims discover they have been compromised only after accessing their account balance. RAID:FMS reduces SIM Swap fraud by providing a real-time check on the SIM during a transaction, using USSD (Unstructured Supplementary Service Data) authentication.

All The Necessary Tools Integrated Into One Platform To Handle The Entire Risk Management Lifecycle

Case Management
Drill down on data and alerts with ad-hoc analysis to find the root cause of fraud and make better decisions faster.
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Fully Configurable
Use easy-to-apply configurations, workflows, and dashboards to enable simple and transparent mirroring of your required business processes. Automations and migrations let you execute this in days instead of months
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Machine Learning
React to and stop known and unknown fraud patterns in a repeatable and auditable way by combining an extensive rules library with machine learning.
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All-In-One Software
Manage the telecom fraud management lifecycle autonomously, from data loading to mitigation actions, with RAID’s complete suite of tools for fraud analysts.
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Link Analysis
Quickly uncover fraudulent activities by highlighting key individuals, connections and patterns in a uniquely visual way. Gain a deeper understanding of data within different entity and relationship types, as well as attributes that can help uncover hidden fraud patterns.
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Real-Time Data Processing
Address the problem of matching continuously income events to evolving patterns like bypass fraud with RAID's complex event processing (CEP). Accelerate fraud detection and react faster to emerging threats with real-time data stream analysis.
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Create a higher level of assurance for subscription fraud

As part of the “Know Your Customer Controls” (KYC), one of the default control checks performed by RAID:FMS for MoMo is the customer de-duping checks. Every time a new subscription is requested, RAID:FMS for MoMo Fraud uses a rule-based approach centered around profiling and fingerprinting techniques, combined with machine learning models, to accurately distinguish between legitimate and fraudulent mobile money subscribers and to identify anomalous activity in real-time. This not only reduces the risks for the MoMo provider but also contributes to better customer experience by conducting the entire fraud review process behind the scenes.
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Partner/Dealers management risk control

Money Laundering (ML) and Terrorist Financing (TF) by merchants poses an increased risk to the system. Mitigation by way of enhanced initial and ongoing due diligence can, however, substantially minimize this risk. The greatest risk of ML in the system is posed by agents and retail partners who provide access to the payment service, allow the loading of value onto the system, or undertake due diligence activities on behalf of the payment service provider. This risk can be mitigated by Mobileum’s RAID, by enhancing initial and ongoing due diligence and monitoring for compliance with obligations.

Mobileum Risk Management Software Portfolio

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Revenue assurance controls to mitigate risk in mobile money

Monitoring is critical to the success of risk management. As mobile money deployments evolve, product offerings increase and customer bases grow, the associated controls will also need to be reviewed to ensure on-going effectiveness. Ensure that proper controls are in place to guarantee that all transactions occurred correctly, and there were no mistakes during settlement processes, by monitoring the entire MoMo value chain, during the calculation of charges, taxes, fees, and commissions.

Prebuilt controls for MoMo internal fraud

Unfortunately, the role of the employee has become an area of increased focus for MoMo fraud; with employees either acting in isolation as lone individuals or as one more weapon in a criminal organization’s armory. What makes this internal fraud so devastating is that most incidents take 18 months to detect -- enough time to put a small company out of business or severely damage the company reputation and employee confidence. Used in the right context, rules-based validations specifically designed for internal fraud when combined with machine-learning algorithms can create a holistic view, enabling MoMo providers to view abnormal behavioral patterns, achieve more accurate assessment and detect internal fraud risks earlier.

Verify and confirm identity documents in near real-time (KYC)

As part of RAID:FMS for Mobile Money, Mobileum offers a multi-layered authentication approach for better fraud control and customer experience, through a partnership with a leading online electronic identity verification (eIDV) platform. The document verification algorithms perform checks to determine authenticity and legitimacy, as well as to ensure that a document is not forged or altered, delivering an integrated identity validation check to better manage fraud risk across the entire customer life cycle. The multi-layered, risk-based approach leverages disparate data assets, intelligent analytics, predictive decision policies, and knowledge-based authentication to protect your business and enable effective account opening, identity verification, and regulatory compliance.

A tool for managing the risks in Mobile Money

MoMo Agent Fraud & Assurance
The majority of mobile money fraud incidents happen at agents where cash and e-money intersect. Monitor the agent’s network to avoid fraudulent activities.
  • Commissions stretching/split withdrawals/split deposits
  • Unauthorized access to customers’ transaction PINs
  • Registration of customers with fake or non-existent KYC documentation
Money Laundering
Assure regulatory conformance, including anti-money laundering procedures. Utilize regular and accurate AML reporting for following-up on suspicious activity.
  • Customer profile building, including registration info (name, unique phone number, etc)
  • Limits on the amount, balance, frequency and number of transactions Real-time monitoring of frequency, restrictions and transaction amounts, as well as total account turnover, in a given period
Internal Fraud
One of the biggest challenges of detecting, investigating and preventing employee fraud is the fact that there are so many types of fraud and theft that require different methods for discovery.
  • Employees and fraudsters linking wrong mobile numbers to bank accounts
  • Illegal transfers from business mobile money accounts
  • Fraud on the settlement of charges

Stop Smishing and protect your subscribers from fraud

Smishing messages can include a link to click on or a phone number to call. The call to action is, of course, fraudulent, and it attempts to violate the recipient’s privacy by handing thieves access to a subscriber’s bank balance or persuade them to make calls to premium rate services. Combined with our Fraud Management Solution, Mobileum’s SMS firewall can protect your subscriber customer base against several types of fraud by performing contextual analysis between security and fraud management feeds.

Mobileum Risk Consulting Services

All telcos can benefit from a proactive risk management strategy when rolling out a 5G infrastructure. This means defining key risks, weighing their probability and impact on business drivers and developing your thinking on actions to take. Mobileum can support you in this. Our consultancy experts can undertake risk assessments that go beyond financial and regulatory risk to consider the wider environment in which you deploy 5G services. Additionally, our consultancy experts can help you put in place effective monitoring and control tools that give you earlier warnings, and enable you to respond quickly and effectively.
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  • Operational excellence
  • Compliance
  • Growth opportunities
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