The Mobile Money Advocacy Group Ghana (MoMAG) has urged mobile money agents to remain vigilant and strictly follow transaction procedures after an alleged cash swap scam reportedly cost an agent GH¢10,000.
In a Facebook post on Friday, July 17, the group recounted an incident in which a customer initiated a transaction but later claimed they could not reach the intended recipient and requested that the transaction be cancelled.
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According to MoMAG, the agent refunded the cash after cancelling the transaction. The customer allegedly returned shortly afterwards with money wrapped in the same black rubber band and handed it back to the agent.
Believing it was the same bundle she had previously counted, the agent accepted the cash without verifying its contents.
After the customer left, the agent reportedly discovered that the GH¢10,000 in GH¢200 notes had been replaced with GH¢1 notes.
MoMAG described the incident as a reminder of the fraud risks faced by mobile money operators and urged agents to verify cash at every stage of every transaction.
“Never trust the appearance of the bundle—verify the contents every single time. Whether the customer is new, familiar, polite, or in a hurry, recount the money before proceeding. A few extra seconds of verification can save you from losing months of hard work,” the group stated.
The advocacy group warned that fraudsters often exploit distractions, urgency and assumptions to deceive vendors.
It advised agents to recount cash whenever it leaves and returns to their possession, avoid being rushed by customers, minimise distractions during transactions and investigate any suspicious circumstances before proceeding.
MoMAG also encouraged mobile money operators to adhere strictly to established transaction protocols to protect themselves against fraud and financial losses.
