MTN Ghana has strengthened the security of its Mobile Money (MoMo) platform in response to rising fraud activities.

The company has deployed artificial intelligence (AI), machine learning, and other advanced security technologies to better protect customers as the volume of daily transactions continues to grow.

The company's Mobile Money Manager for the Northern Business District, David Nana Addai, disclosed this during a stakeholder engagement in Sunyani.

The forum brought together journalists from the Bono, Ahafo, and Bono East regions, along with other key stakeholders, to discuss measures being implemented to enhance the security of the MoMo platform.

According to him, MTN's Mobile Money platform now processes about 8.4 billion transactions, averaging 23 million transactions every day, underscoring the need for stronger fraud prevention measures.

"The transactions are huge, and it will even get bigger with time," he said.

Mr Addai explained that MTN has adopted a proactive approach to tackling fraud through systems capable of detecting suspicious activities before they result in losses.

"There are several interventions we have put in place to ensure that we stay ahead of the fraudsters. We are using machine learning, AI-driven initiatives and predictive tools to ensure that we are not reactive but proactive."

He said the company's first line of defence is ensuring a robust and secure platform with security layers that operate in the background.

Among the measures introduced are biometric authentication on the MoMo App, additional one-time password (OTP) verification for bank-to-wallet transactions and device binding technology.

He explained that device binding prevents fraudsters from accessing customers' accounts on unauthorised devices, even if they succeed in obtaining login credentials.

"The primary phone is the only one that can download and access the app. If you want to download the MoMo App on another phone, you have to get authorisation from the primary device."

He noted that many fraudsters exploit unsuspecting customers by requesting one-time passwords under the guise of assisting them with transactions.

Beyond technological interventions, Mr Addai said MTN continues to invest heavily in public education to help customers identify and avoid scams.

He said radio campaigns, advertisements and community outreach programmes are used, including its 'Shine Your Eye' campaign, which uses drama and storytelling to educate the public on emerging fraud trends.

"We go to communities, villages and institutions. We use people sharing their stories and also drama to drive home the message that we can all fall victim, but we need to be vigilant."

He also highlighted MTN's collaboration with law enforcement agencies and cybercrime units to investigate and prosecute fraud-related offences.

He revealed that discussions are underway among telecommunications operators to establish a centralised fraud-monitoring system, enabling faster detection and response to fraud across networks.

"The bigger challenge we have is that fraudsters use other networks to call you, dupe you and terminate the transaction on another network. There is collaboration happening behind the scenes so that we have a centralised unit that can have visibility across all networks to track and deal with these cases in real time."

He further cautioned customers against fraudsters who impersonate telecommunications companies, banks and insurance firms through phone calls and text messages.

He urged customers to protect their personal information, never disclose their one-time passwords and remain vigilant when dealing with unsolicited requests for financial or account details.