MobileMoney LTD (MoMo from MTN) has firmly denied allegations made in a viral social media post claiming that the company compromised a customer’s wallet, leading to an unauthorised withdrawal of funds.

In an official statement, the company confirmed that an internal investigation had been conducted and found no breach of its systems.

“Our findings suggest that the customer interacted with third parties, which led to her unknowingly compromising the security of her phone,” the company stated. “This was a case of social engineering.”

Social engineering, the company explained, occurs when individuals are tricked into sharing sensitive information such as One-Time Passwords (OTPs), verification links, or PINs with fraudsters.

These security features are designed to protect customer accounts, but once shared, can be used to access electronic wallets.

MobileMoney LTD stressed that it takes the security of customer accounts seriously, and continues to implement robust security measures while also educating users on how to protect their personal information.

“We urge all customers to remain vigilant and never share their security credentials with anyone even if the person claims to be an MTN employee,” the company said.

The statement concluded with a reassurance that MobileMoney LTD remains committed to ensuring a safe and secure mobile money experience for all its users.