Mpesa Fraud: The ‘Counterfeit currency swap’ tactic

mpesa rece

The common trick here is that a conman or woman will produce genuine currency for a deposit and mostly is in big amounts then somewhere in between swap it with counterfeits.

A diligent Agent will pass the notes through the detector and confirms they are genuine. However, before the Agent makes the deposit, the con who is busy fiddling with their phone making imaginary calls, would stop the Agent in their track from depositing claiming that the intended recipient has switched off their phones.

So far there is no alarm and the Agent will dutifully refund the whole sum to the con as the transaction had not been made. In the meanwhile, the con who is not in a hurry will be fidgeting with their phone and will announce they have found an alternative number they can use to send to the recipient

Once again the fraudster removes the same amount that he wanted to deposit BUT only this time from a totally different bunch of counterfeits he had carried.

Since the agent had initially verified the initial bunch to be genuine, the agent is not obliged to do so again and with that mistake, the fraudster’s plan is accomplished.

PRECAUTIONS

  • An agent should never get tired of verifying the authenticity of any currency they handle

Related Posts: Mpesa Fraud: The ‘Contact- Save’ Tactic

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s