CBM discusses preventing financial fraud via mobile payments

The Central Bank of Myanmar (CBM) initiated a debate on preventing financial fraud through mobile payments in collaboration with banks and financial services in Nay Pyi Taw yesterday.
It was attended by Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, Union Minister for Commerce U Tun Ohn, Nay Pyi Taw Council Chairman U Than Tun Oo, Governor of CBM Daw Than Than Swe, deputy ministers, deputy governors of CBM, and relevant officials.
At the event, the Union minister talked about the need to be aware of the security of online systems amid the increased use of online via social media for social and economic affairs, 482 online scams between 2021 and 2024 in the country, actions taken against 23 Nigerians, one Thai national and 59 Myanmar citizens involved in online scams and the release of SOPs for obtaining information and taking action to prevent and protect against financial frauds through a telecommunication network by State Administration Council.
He then urged the participants to conduct awareness campaigns regarding the prevention of mobile payment fraud and participate in upgrading technologies as the swindlers use online payment systems.
Then, the CBM Governor started the formation of an Action Task Force to prevent and take action against fraud as per the SOPs following the tip-off, activities of CBM to use mobile cash industries under the law, rules and regulations under the supervision of CBM and the duties of the public to protect themselves and cooperate with the government to prevent from facing cash frauds.
The event featured talks regarding the things for a safe mobile money system.
Then, co-founder of Myanmar Cybersecurity Association, Deputy Director of CBM, Police Colonel Nyunt Wai of the Ministry of Home Affairs and other relevant representatives from KBZ bank, Wave Money, City Mart Holding Limited, and Lady Grace Online Ship Owner participated in the discussion under different topics. — MNA/KTZH