Exploring the Experiences Of Mobile Money Fraud Victims In Madina Market

Abstract

Mobile Money usage has grown significantly with reports from Bank of Ghana indicating a 73.4 percent growth rate between 2012 and 2016 and accounting for 94.11 percent of total non-cash payment. Mobile money fraud is one area of cybercrime that has gained notoriety in Ghana in recent times because of the increasing number of subscribers and volume of transactions. This study explores the experiences of Madina market traders who have been victims of mobile money fraud. It further examines the factors that influence mobile money fraud amongst the traders. The study adopted a sequential mixed method approach: a survey of 235 mobile money users from Madina market and interviews with 3 respondents who had been victims. Quantitative findings revealed that apart from gender that has an influence on mobile money fraud, educational background and telecommunication network do not influence mobile money fraud among the traders. Interviews with victims of mobile money fraud revealed that victims feel reluctant to report incidents of fraud to police or network operators because of their inability to resolve issues. The study also disclosed that, the emotional pain experienced by victims of mobile money fraud can deter them from using mobile money for any financial transaction. The study recommends that service providers increase the education on mobile money fraud in local languages in order to reach traders with no formal education.