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Fraud on Mobile Financial Markets: Evidence from A Pilot Audit Study

Francis Annan ()
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Francis Annan: Columbia University, School of International and Public Affairs, 420 West 118th Street, New York, NY 10027, USA

No 17-16, Working Papers from NET Institute

Abstract: Potential fraud can limit the promise of innovative mobile financial markets like Mobile Money, yet little is known about its existence, especially among the poor. In a randomized control trial across 6 low-income communities in Ghana, I evaluate the extent of fraud—overcharged transactions—on Mobile Money and explore the mechanisms underlying the results. Trained auditors visited vendor points, seeking to make actual Mobile Money transactions: either send or receive cash. Approximately 22% of transactions go fraudulent. Additional experiments indicate that fraud is higher for large amount transactions. Consumers who are financially sophisticated are less likely to suffer fraud, but market competition appears to have no effect on this.

Keywords: mobile money; financial fraud; audit study (search for similar items in EconPapers)
JEL-codes: D14 G21 G23 G28 O16 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2017-10
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-mfd and nep-pay
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