In this lesson, we beam our light on fraud related activities and techniques that agents especially new entrants must be aware of, because agents have become cheap prey for fraudsters and criminally minded individuals.

Cases of fraud and armed robbery do not just happen spontaneously, victim is spied upon severally before they usually strike, therefore it is expedient for agents to imbibe best practices that will discourage becoming a target.

  • Under no circumstances should agents provide their account to receive bank transfer on behalf of the customer. Kindly aid them to open their own account instead.
  • NEVER accept direct transfers into your personal or family account from a total stranger; many agents today are in police/EFCC net because of this singular act. Kidnappers, armed robbers, money launderers and other criminals target mobile money agents for easy cash out of their crime proceeds. In most cases, agents are required to produce such criminals and if such agents are unable to, the agent will be charged as an accomplice for aiding and abetting crime and criminality.

NEVER employ staff without getting and verifying accurate biodata and guarantors (minimum of two) for each and every member of staff. And also ensure that those guarantors provided can stand in for those they are guaranteeing in case of compromise and missing funds. Several issues of robbery are instigated and orchestrated from within the business entity.

No matter how small your business space is; be it a cubicle, container, kiosk, shop or building structure, always ensure you have your security architecture properly mapped out. By security architecture, we mean putting necessary things in place that reduces your exposure to risk. Such measures may include creating a barricade for the teller and customer, providing a cash till, vault, cctv surveillance cameras, log books, customers KYC, etc.

NEVER expose your cash to the glaring sight of the public. Never give outsiders the opportunity to predict how cash you have in your till and certain period of the day. This can be achieved through proper cash liquidity management techniques.

  • Refer all large ticket transactions to banks. Restrict yourself to small transactions, which have the twin advantage of being safer and more profitable.
  • Be wary of 1st time customers that are not price sensitive and are too eager to pay over and above normal transaction charges.
  • Don’t be hurried into doing any transaction without doing the standard due diligence.
  • Be mindful of the name on the card and request for identification when in doubt on the card ownership.
  • Reject suspicious transactions.
  •  Don’t hold too much cash in the business premises, be proactive about your daily cash needs.
  • Maintain regular work hours and don’t be tempted by patronage to stay opened during dark hours.