The Ministry of Digital Economy and Society (DES) is implementing a new measure to protect mobile banking customers from scammers using “ghost” SIM cards and “mule” bank accounts.
- The Ministry of Digital Economy and Society is implementing a new requirement for mobile banking customers to ensure that their names match those on the SIM card registration in order to activate mobile banking.
- This measure aims to deactivate about 100,000 “mule” bank accounts per month, out of an estimated one million, in an effort to combat scammers using “ghost” SIM cards and fraudulent bank accounts.
- Commercial banks are also implementing additional measures such as biometrics for money transfers to prevent mobile banking fraud, reflecting a broader effort to enhance security in the mobile banking sector.
Starting tomorrow, mobile banking customers must have their names match those on the SIM card registration to activate their mobile banking accounts. If the names do not match, customers must contact their mobile phone service provider to change the name on the SIM card registration.
The measure mentioned is aimed at deactivating approximately 100,000 “mule” bank accounts every month. These accounts are often used for fraudulent activities such as money laundering and other illegal transactions.
In addition to this measure, commercial banks have implemented stricter controls and biometric authentication methods for specific money transfers conducted through mobile banking. These additional measures are intended to enhance security and prevent fraudulent activities within the banking system.
