Mitigating emerging fraud risks in the mobile money industry has been saved
Mitigating emerging fraud risks in the mobile money industry
A Point of View
In the last few years the mobile money ecosystem has seen significant growth in India, supported by rising Internet penetration levels and smart phone adoption. Several businesses today derive a large chunk of their sales via mobile money platforms. About 17 million Indians use mobile money platforms offered by banks. While these are promising numbers that indicate economic development, users of mobile money platforms need to be cognizant of the fraud risks associated with transacting money on mobile platforms.
As the mobile money ecosystem matures in India, it is likely to experience some of the fraud risks currently being observed in developed markets. Deloitte Forensic’s latest point of view document, titled Mitigating emerging fraud risks in the mobile money industry, outlines the following aspects around mobile money fraud risks:
- Understanding the mobile wallet ecosystem and transaction models
- Fraud risks around mobile wallets – driven by external and internal stakeholders
- Mitigating mobile wallet fraud risks