Managing Fraud in Mobile Financial Services

Orchestration of Responsive Capabilities to Effectively Protect integrity of Your Mobile Money Services (MMS)


Course Overview

“80% of the world’s mobile payment services is in East Africa – CNN”

With the fast evolving and advancing digital financial services through technology enablement that has surpassed traditional banking services, capabilities to limit Fraud in theses ecosystems is a business imperative more than ever before.

At 5% cost to revenues, Fraud not only results in financial loss to customers or a mobile money services provider, but it also damages the reputation of the service to the customer and risks the reputation of the industry as a whole.

Specifically, to Mobile money services some instances has reported single fraud case of up to $3.4 million. As such, mitigating the risk of Fraud is a primary objective in a robust risk management strategy.

Certainly, managing fraud risk in MM is a challenging task, especially when it comes to the evolving technological innovations implication and ever increasing technological venerability’s to fraud. Managing Fraud risk well is ultimately a requirement for protecting value and maintain the service attractiveness in the market place.

So what will be the requirement for an effective Fraud Risk Management within Enterprise Risk Management (ERM) framework to meet the challenges for delivering secure and revenue protected Mobile Money (MM) Services? Guided by recent past industry experience, case studies and best practices in facet of Fraud Risk Management, this workshop seek to demystify and bring into fore the capabilities you require to protect your business, customer, agents and customs against existing and emerging Mobile Financial Services Fraud


  • 12+ Presentations:
    From international and local fraud and risk experts
  • Case Study Sessions:
    On mobile money fraud anatomies
  • Executive discussion panels:
    On new insights and technology on money services exposures
  • Networking:
    World class networking and benchmarking experiences


  • Emerging fraud threats in digital money
  • Organic side of MM Protection – how to build policies that focus on human vulnerabilities
  • Corporate governance practices in management of MM Services
  • Continuous fraud risk management continuum in MM Services
  • Technology and products exposure in MM Services
  • Strategies to mitigate fraud in mobile banking and ļ¬nancial services
  • MM and Money laundering linkages

Key take aways:

Recognise and act upon the most common frauds affecting MM Operators

  • Identify vulnerable products and areas of business
  • Learn types of mobile data compromises
  • Comprehend digital money services products, value imperatives and risk exposures
  • Know good corporate governance practices in dealing with MM Services fraud risk
  • Know risks and controls in the technologies used in enabling MM services
  • Gain capability to prevent, detect and monitor fraud in MM services
  • Understand how to ensure your mobile money services are not used for money laundering or terrorism financing
  • Case Studies on how Kenyan financial services go about identifying breach
  • Be able to customse best fit for your company’s specific offerings consistent with risk policy and business priorities

Attendee profile

  • CEOs, Directors, VPs, Leaders, Managers, Executives and officers of:
  • Mobile Payments
  • Mobile Financial Services
  • Fraud Prevention
  • E-Wallets
  • Digital Payments
  • Cyber Security
  • IT Security
  • Risk Management
  • Enterprise Risk Management
  • Monetary Policy
  • Digital Forensics Investigators
  • Information security professionals
  • Individuals involved in implementation, testing,
  • security hardening of mobile devices


Day 1  

Session 0:

8.00- 8.30 am

Introductions/Opening Remarks/Aligning of Expectations

Session 1:

8.30 - 10.00 am 

Demystifying Digital Money Services

  • Understanding the value cycle: Digital Money business models
  • Mobile Money transfer services and financial inclusion
  • Mobile banking
  • Mobile payments

Networking Break


10.30 am –

12.00 pm

Mobile Money Risk Management

  • Current trends in Mobile Money fraud risk
  • Applying principles of mobile payment transparency in Mobile Money services
  • Contextualising regulatory framework for Mobile Money services
  • Money laundering and Mobile Money connections

Session 3: 

12.00 pm-


Case Study  (Customer way ): Anatomy of Mobile Money fraud –Case studies series

Lunch Break

Session 4:

2.00 pm-

3.30 pm

Aligning with Risk Appetite/Determine Risk Appetite

  • Overview of eTOM approach to managing risk for CSPs Mobile Money products
  • Determining risk appetite: the foundation of Mobile Money fraud risk management
  • Mapping Mobile Money fraud to enterprise fraud management context
  • Developing policies to fix people risks in Mobile Money 

Networking coffee  Break

Session 5:

4.00 pm-


  • Group Discussion:  Technologies used in Mobile Money services /Hacking/ Over the air Exposures

DAY 2 

Session 6:

8.30 am –

10.00 pm

Corporate Governance Imperative for Managing Fraud

  • Adherence to good corporate governance practices: The three defense lines for Mobile Money
  • Financial crime compliance obligations
  • Revenue assurance and Fraud Management systems overview
  • Elements of and effective Fraud Management Programs

Networking Tea  Break

Session 7:

10.30 am –

12.00 pm

Understanding Common Mobile Financial Services Fraud Types

  • External Fraud –Channels, transactional and identity theft driven
  • Internal Fraud / External Fraud
  • Subscription fraud in Mobile Money
  • System/IT fraud in Mobile Money
  • Commission fraud and dummy accounts
  • Applying credits / discounts
  • Corrupt dealer or remittance agent
  • Fraud by employees in outsourced business partner
  • Provisioning services directly to network elements
  • SIM swap Fraud
  • Change MSISDN linked to the Mobile Money account
  • Third party fraud risk
  • Use of Mobile Money for terrorist financing
  • Cross border mobile payments: Opportunities and fraud threats

Session 8:

12.00 pm-

1.00 pm

Case Study:  Revenue Assurance for Mobile Financial Ecosystems

Lunch Break

Session 9:

2.00 pm-

3.30 pm

De-risking Mobile Money Operations

  • End to end control architecture for vulnerabilities control
  • AML/Fraud controls in mobile system architecture
  • Automation for fraud prevention and detection
  • Terminal and Connectivity protection


Session 10

4.00 pm -

4.30 pm

Approaches in managing Fraud in difference Mobile money changes Types –Discussion

DAY 3 

Session 11:

8.30 am-

10.00 am 

Maping the Threat Landscape –People, Organised Crime, Regulation State Actors, Hacktivists Risk

  • Management fraud impact in Mobile Money –Case point
  • Technology paradigm and security imperatives
  • Detecting and mitigating cyber attack
  • Mobile Money product design and penetration testing
  • People aspect management

Network Break

Session 12:

10.30 am –

12.00 pm

Mobile Banking Security Risk

  • Authentication strategies to mitigate fraud
  • Customer de-duping controls
  • Customer service and fraud protection - the Great Dichotomy
  • Mobile Payments and BYOD – overcoming vulnerabilities, threats and remedies

Session 13;

12.00 pm-

1.00 pm

 Case-Study:  Bench-marking Mobile Money fraud management performance

Lunch Break

Session 14: 

2.00 pm-

3.00 pm

Recruitment (Staff and Partners/third parties)

  • Preventing Internal Fraud
  • Standards for policymakers, regulators, banks and mobile network operators

Session 15:

3.00 pm

4.00 pm



4.00 pm

Close out /Issuance of Participation Certificates

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