Mobile Money is a vast and fast-growing market that generates significant revenues for Mobile Network Operators. According to the GSMA, the global mobile money market reached $1 trillion in 2021 in transaction value, growing 14-fold from 68 billion in 2012, and is dominated by Sub-Saharan Africa (70%), followed by Asia (29%).
However, fraud is a growing threat that costs money, reputation and loyalty. According to Africa Tech: ‘Africa’s mobile fraud losses will continue to rise above last year’s USD 4 billion to peak at a record USD 5 billion by the end of 2021 if nothing is done to prevent global cybercriminals from looting the continent’s wealth.’
A Tier 1 African Operator is preventing fraud by using Creativity Software’s ready-to-use solution to incorporate real-time device location checks into the validation process of every Mobile Money transaction. This enables remote/online fraudulent transactions to be detected and declined in real time, helping them to deliver a service that customers and agents can trust, that will safeguard their money and prevent revenue losses. Download the full case study here
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