Myanmar’s Central Bank is intensifying efforts to combat mobile payment fraud by conducting awareness campaigns and establishing an action task force in collaboration with relevant ministries and financial organizations. The initiative aims to swiftly respond to reported fraud cases, protect consumers, and ensure the widespread use of mobile financial services in compliance with laws and regulations.
25 January 2024 – Myanmar’s Central Bank is taking proactive measures to combat financial fraud associated with mobile payments by conducting awareness campaigns in collaboration with relevant ministries and financial organizations. The initiative includes the establishment of an action task force to swiftly respond to reported fraud cases involving banks and mobile financial services, aiming to protect consumers and ensure the widespread use of mobile financial services in compliance with laws and regulations.
The awareness talk, attended by officials from the Central Bank of Myanmar, relevant ministries, private banks, and financial organizations, emphasized the importance of public cooperation and understanding the security of online systems. Governor Than Than Swe highlighted the need to prevent financial scams and urged the public to safeguard themselves against fraud.
Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein underscored the necessity of comprehending online system security, especially with the increasing use of social media in the modern technological era. The State Administration Council in Myanmar has already released standard operating procedures for gathering information and taking action to prevent and protect against financial fraud through telecommunication networks.
Reports indicate that between 2021 and 2024, Myanmar recorded 482 online scam cases, leading to charges against 23 Nigerian nationals, one Thai national, and 59 Myanmar nationals associated with these cases. – ref: Xinhua
