The Central Bank of Myanmar (CBM) has announced that it is collaborating to investigate fraud cases involving mobile money users, which occurred not due to user errors or actions but through deceptive schemes.
CBM stated that it is actively monitoring and regulating mobile payment services to ensure systematic operations and prevent potential losses.
It also mentioned oversight by the Mobile Financial Services Supervisory Committee, established by the government, and the release of a Standard Operating Procedure (SOP) for users to report fraud.
The bank highlighted that fraud incidents involving unauthorized access to OTP codes, security passwords, and personal information obtained through other means are under investigation, with efforts to ensure no financial loss for users.
Furthermore, the CBM is working with relevant parties to identify individuals or organizations involved in fraudulent activities. The central bank emphasized that it will take decisive action against those who intentionally commit fraud.
CBM advised mobile money users to safeguard their personal information securely and avoid sharing such details, such as OTP codes or passwords, with others.
It also warned against sharing personal information on public platforms (e.g., social media), responding to suspicious links, downloading unauthorized mobile applications, or granting access to them.
In cases of suspected fraud, users are urged to contact the relevant bank or mobile financial service provider’s call center immediately.
In late December, several incidents were reported where funds were withdrawn from KBZPay accounts without the account holders' knowledge. Recent cases involved unauthorized access where OTP codes were acquired, and PIN numbers were guessed to access user accounts.
KBZPay has stated that it is fully committed to protecting users from financial losses. The bank is investigating the incidents swiftly in collaboration with CBM’s guidance and has assured users of its responsibility and high-quality service in addressing the issue.
