Criminals are targeting mobile money services to con people out of cash but both the police and mobile service companies are offering no protection to customers against scammers. The scammers have developed many tricks, including sending messages or calls to victims to reverse money they claim was accidentally sent. In this type of scam, victims are tricked into transferring money to a fraudster in the belief they are sending back money to the person who sent it to them.
In Zambia, mobile money is big business. The volume of mobile money transactions grew by over a 70 percent last year alone, according to data provided by the Bank of Zambia. The value of those transactions grew by more than half last year, to over 16.583 billion kwacha (US$ 890 million) in December, from about 10.688 billion kwacha (US$560 million) in January. But with that growth has come more opportunities for crime. Across the board, police, mobile money users and financial-services experts say the number of scams targeting people who use their phones to give and receive money is way up.
Source: Makanday.com
a) Explain the need for mobile service companies to use security policies in the delivery of mobile money services.