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mobile money

"So far this year scammers have stolen more than AUD7.2 million from Australians by gaining access to home computers, an increase of 184 per cent compared to the same period last year." So says the Australian Competition and Consumer Commission.

Contrary to the common "phishing e-mail" approach, many instances start with a phone call. And just to make it worse, they are targeting phones: you know, those things that contain your financial apps and are used as "tokens" or for SMS confirmations by your bank.

CoNet Section: 

A report published by FinMark Trust (a charity funded by the UK, the UN and private organisations) seeks to explain the reasons behind the " termination of mobile money services" in South Africa and the likely effects. More positively, the report also identifies "barriers to launching effective mobile financial services (MFS) in South Africa with a specific focus on the regulatory environment required to enable such opportunities. " But, as extracts show, there might be an element of a solution looking for a problem. It all seems a little too much as if someone has decided that mobile financial services are essential. What do you think?

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