THE Central Bank of Myanmar announced on 31 December to combat digital wallet scams.
CBM stated that it will initiate investigations and prosecutions against those involved in phishing scams and ensure robust enhancement to digital payment security in cooperation with the relevant financial institutions, in the exercise of the power conferred by Central Bank of Myanmar Law and the Financial Institution Law.
The mobile wallet has become a growing trend due to its convenience and contactless payment. However, various digital wallet scams occur by asking for the personal information of the users, OTP codes, and passwords through phishing or other credential items. Scammers target digital wallet users with deceptive tactics to gain access to the account and steal money by impersonating mobile providers and SIM swapping.
CBM has been conducting awareness campaigns through websites, applications and social media platforms to prevent telecom frauds, e-wallet scams and financial transaction scams and disseminate steps to secure mobile wallets.
Therefore, digital wallet users need to use only the SIM card registered with the Ministry of Transport and Communications and use authorized mobile service agents only to avoid scams. They must keep personal information and avoid posting them on social media. Furthermore, they must not share login details, OTP code and password with anyone, even those claiming to be from the bank. Cybercriminals use phishing URLs to obtain information. Users must not open the link or download applications from suspicious emails, SMS or websites. If they detect any scam, they must contact the call centre of the service providers immediately, CBM urged.
CBM has been governing mobile payment systems to mitigate possible loss. Additionally, the State’s Supervisory Committee on Mobile Financial Service Providers has been monitoring fraudulent activities. They announced Standard Operation Procedures to make a complaint if any scam is identified.
Relevant authorities are inspecting scams and working together with service providers to recover their financial loss through personal information, OTP and passwords without the user’s negligence. CBM has been accelerating efforts to battle against those scammers and fraudulent institutions, CBM warned users.
NN/KK
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