A conceptual framework for detecting financial crime in mobile money transactions
Date
2015Author
Gombiro, Cross
Jantjies, Mmaki
Mavetera, Nehemiah
Type
ArticleMetadata
Show full item recordAbstract
Mobile money has made it possible for the unbanked to access financial service to areas previous not
accessibly to traditional banking systems. Africa in particular, has indeed seen a growth in use of such
services owing to the high penetration of mobile phones. While traditional banking services have been
well regulated and secured, mobile money services are still new and vulnerable. Also, attacks and
crimes targeting the internet, new technologies and new methods of payments have become
sophisticated. This scenario requires novel proactive, real time techniques and solutions to detect
financial crimes in mobile money transactions (MMT). The Financial Action Task Force (FATF) 2012
requires mobile money to be subject for monitoring and for compliance. Payment systems have
evolved from hard cash, to credit cards, debit cards and now to the M-money, there are several
approaches that have been used to detect financial crime in platforms such as credit cards and in the
traditional banking system. However, most of these approaches are not suitable for m-money
methods. A conceptual framework for detection of mobile money financial crime is proposed. The
framework incorporates data mining techniques, big data analytics, Know Your Customers, historical
databases and a knowledge base among other things.
Additional Citation Information
Gombiro, C., Jantjies, M. and Mavetera, N. (2015). A conceptual framework for detecting financial crime in mobile money transactions. Journal of Governance and Regulation, 4(4), 727-734. https://doi.org/10.22495/jgr_v4_i4_c6_p8Publisher
Virtus Interpress