ISEDJ

Abstract: Nearly half the adult population in developing nations lacks a formal bank account and other financial services. Ghana is no exception, having a massive community of unbanked adults and among those countries positioned at the bottom of the spectrum of financial inclusion. The advent of mobile financial services (MFS) claims an alternative mode to financial inclusion. MFS, fundamentally implemented using SMS and USSD code, essentially encompasses mobile wallets, cash out, and over-the-counter transactions overgrowing globally, has a vast potential to minimize impediments to financial inclusion. However, mobile financial services' sustainability is threatened by cybercriminals or fraudsters while reaching a global penetration rate of 91% in 2020, and this figure keeps growing by 3% yearly. This qualitative exploratory study aimed to explore security methods cybersecurity managers needs to implement to minimize cyber fraud of mobile financial services in Ghana. The research purports to identify viable methods leaders of MFS operators need to implement to reduce fraudsters' threats. The exploratory design was used as the lens to explore this phenomenon in-depth. A sample size of seven and 12 semi-structured interview questions were used as a data collection instrument. Lack of proper security methods and internal control processes were identified as the major causes of cyber fraud in MFS. Seven databases (Web of Science, ProQuest, ABI, EBSCO, IEEE, Sage, Google Scholar, Pub/Med, and Scopus) were searched using standard and adapted search syntax. The study also provided recommendations on the ecosystem and the processes needed to utilize mobile technology's full potential.

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Recommended Citation: Siaw Afriyie, B., Sambasivam, S., (2023). Exploring Methods Cybersecurity Managers Need to Implement to Minimize Cyber-Frauds in Mobile Money Services in Ghana. Information Systems Education Journal21(5) pp 4-11. http://ISEDJ.org/2023-5/ ISSN : ISSN: 1545-679X.