Do mobile operators need to buy new systems to monitor their Mobile Money products and services?
As more and more mobile operators launch Mobile Money products and services, their Fraud and Security teams are being asked to pick up the transaction monitoring. Do you think they should be looking to buy in new systems from the financial services world, or is it better to leverage their existing FMS?
Mobile Money is a replica of our existing banking system done for ages but now it will be done via mobile system using some predefined technology based consent protocol, like any other money transfer based banking transaction protocols.
The first question is, does our existing telecom FMS systems already having a design framework based on Banking model to control banking frauds if the answer is yes (truly) then my question would be is system used in any banks across the world to control frauds and money laundering risks , if yes you know you are done i.e. leverage the existing FMS system, if the answer is no, then look for solutions adapted by big banks to prevent frauds and regulatory issues of monetary transactions.
The first question is, does our existing telecom FMS systems already having a design framework based on Banking model to control banking frauds if the answer is yes (truly) then my question would be is system used in any banks across the world to control frauds and money laundering risks , if yes you know you are done i.e. leverage the existing FMS system, if the answer is no, then look for solutions adapted by big banks to prevent frauds and regulatory issues of monetary transactions.
nteresting points Sahasranghu. I certainly agree with you where the Mobile Money products and services are complex and reflecting the existing banking systems. However, for many operators their main MM products and services are actually quite basic and this is also true of the data they produce. I therefore think it is quite feasible to monitor them in an FMS. I recently wrote a blog which contains a bit more detail on my views - http://www.subex.com/blog/an-economical-approach-to-mobile-money/
mobile money is no way less complicated than banking commerce system, the reason is it performs triparty consent protocol based money exchange and like banks the systems. Payment of Goods and Service, Cash In, Customer Cash Out, Customer Merchant Cash In, Merchant Cash Out, Inter Customer M2M payment etc are already on move in some developed and under developed nations.
People, Tool and process are equally vulnerable to both internal and external fraud . Telecom FMS system might identify fraud upto certain level based on CDR as it does now , well that's detective frauds but what about preventive and inherit frauds can the telecom FMS system currently have the capacity.
1. Regulatory Compliance Frauds by channel.
2. Fair Trading related frauds
3. Financial Consumer Protection Frauds
4. Privacy Issues
5. Security Protection
6. Consumer Malicious behavioral.
7. Money laundering internal and external.
8. Financial terrorism.
9. Inside employee behavior analysis.
10. Bank Reconciliation Frauds.
11. Cash Skimming and Cash Larency.
People, Tool and process are equally vulnerable to both internal and external fraud . Telecom FMS system might identify fraud upto certain level based on CDR as it does now , well that's detective frauds but what about preventive and inherit frauds can the telecom FMS system currently have the capacity.
1. Regulatory Compliance Frauds by channel.
2. Fair Trading related frauds
3. Financial Consumer Protection Frauds
4. Privacy Issues
5. Security Protection
6. Consumer Malicious behavioral.
7. Money laundering internal and external.
8. Financial terrorism.
9. Inside employee behavior analysis.
10. Bank Reconciliation Frauds.
11. Cash Skimming and Cash Larency.
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