AS online financial transactions are becoming increasingly popular, many Cameroonians are adopting the use of mobile wallets and online banking services across the country. While the ease that digital payments offer is unparalleled, making transactions and receiving payments online has also come with the risk of cybercrime.
According to the National Agency for Information and Communication Technologies (ANTIC), over 21.69 million Cameroonians own a mobile phone and amongst them, 10.05 million are internet users. Of all cybercrimes committed in Cameroon last year, scamming was the most common, encompassing 61% of the crimes while phishing was also very common (27 percent), also cyber extortion (4 percent) and intrusion (2 percent).
As such, cyber resilience is needed in Cameroon to secure end-to-end points in the financial services ecosystem. Thankfully, to keep Cameroonians’ hard-earned money safe, WorldRemit continues to put its customers’ security at the core of its business, ensuring they can send and receive money across the country without worry.
‘WorldRemit ensures that international remittances are not just convenient and accessible for our customers, but most importantly, safe and secure amidst rising cases of cyber fraud incidents in Cameroon,’ said Imane Charioui, Director of Francophone Africa, WorldRemit. ‘We take cyber security very seriously and understand many of the tricks and techniques behind some of the most popular scams.’
Reducing the risk of financial crime
ANTIC reported that cybercrime caused financial losses of CFA12.2 billion to the Cameroonian economy in 2021, which is double the losses reported in 2019. These losses were primarily due to scamming and phishing which is a technique used by fraudsters to obtain personal information to perpetrate identity theft amounted to CF
A6 billion.
To ensure its customers’ money is protected, WorldRemit has taken a proactive stance toward prevention. For instance, it refuses to work with correspondent partners who lack adequate controls for combating fraud and financial crime. We implement risk-based controls for customers who need to send to destinations with elevated money laundering or terrorism financing risk.
Additionally, WorldRemit collaborates with other industries and companies to share best practices and information to better watch over the financial transactions it processes.
‘The international remittance space is exposed to several key risks, includ
ing money laundering, fraud, terrorism financing, and sexual exploitation, so working with other leading bodies to combat this is essential’ said Imane Charioui, Director of Francophone Africa, WorldRemit
‘Technology helps us understand and detect the known patterns of suspicious behavior signaling the misuse of a customer account when sending money is the priority,’ she added.
To learn more about the safety measures WorldRemit uses, visit here.
