Protecting Mobile Money against Financial Crimes

Abstract

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The Financial Inclusion Development in Palestine

“…Results indicated that 21.3% adults possess bank accounts and that micro-crediting remains limited. Chatain et al (2011) pointed that initiatives for financial inclusion, including mobile banking developments, in some countries are hampered by regulatory concerns that comply with proposed new regulatory models that include international financial integrity standards Dittus and Klein (2011) addressed other factors include religious or cultural reasons, or a limited trust for formal financial institutions, such as those who experienced bank failure or those who fear to become victims of fraud. Ellison et al (2010) pointed that customers who have access to formal financial services may withdraw from these institutions.…”

“…In general, mobile banking models depend on a wide range of nontraditional agents, such as retailers, in providing cash-in and cash-out functions. Chatain et al (2008) found that the reach of service providers is extended while low service costs are maintained.…”

Risks and Barriers Associated with Mobile Money Transactions in Tanzania

“…A study done by Chatain et al (2011) about financial crimes on mobile money aimed at contributing and providing guidance on policy, regulatory and the supervisory on anti-money laundering and combating financial terrorism (AML/CFT) of mobile money. In the documentary review and the survey done globally it was revealed that there is a substantial supportive opportunity, but the abuse can risk mobile money to support financial inclusion.…”

Financial Crimes: Psychological, Technological, and Ethical Issues

“…Mobile banking services, generally referred to as mobile money, are rendered via the mobile phones of clients (Chatain et al 2011). This form of service, especially to enable existing clients of banks to communicate with their bank and make balance enquiries or even payments, has been available in many developed countries for some time.…”

“…A World Bank analysis (Chatain et al 2008(Chatain et al , 2011 identified the key risks as anonymity, elusiveness, rapidity and poor oversight. Anonymity and elusiveness are closely-linked to non face-to-face-account opening processes combined with the lack of public sources of information that could verify the identity of users in many developing countries.…”