How fraudsters "hack" M-PESA in Kenya

guest · May 4, 2019

How fraudsters "hack" M-PESA in Kenya
May 3, 2019
https://www.iafrikan.com/2019/05/03/this-is-how-fraudsters-hack-m-pesa-in-kenya/

As soon fraudsters in Kenya learned how mobile money, especially M-PESA, worked, they went into full gear to exploit the loopholes. Telecommunications companies like Safaricom failed to educate people on how to keep off these fraudsters.
SMS fraud
When you receive an SMS indicating that you have received money from somebody, you need to double check the identity of the sender.
Some people did not know that all legitimate M-PESA text messages come from the SMS sender ID M-PESA, and thus, some Kenyans of goodwill would proceed to comply with the fraudsters request and send the money back [...]
Mobile SIM card replacement
Since M-PESA was launched in Kenya before there was a requirement for SIM card registration, some people realized that once you were able to steal someone’s M-PESA PIN, you could replace their SIM card.
Unfortunately, this still happens today through the co-operation of some rogue Safaricom agents who conspire to replace SIM cards.
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ATM withdrawal
Safaricom introduced a cardless ATM service, whereby one can go to an ATM, choose to withdraw money from M-PESA via the ATM [...]
Since some people do not know about the existence of the service, fraudsters realized that they could trick people to go through the process and send them the authorization code.
Minutes later, one would receive an SMS indicating that they have withdrawn money from an ATM hundreds of miles away.
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