Myanmar strives to combat financial fraud through mobile payments

YANGON: Myanmar's central bank has been raising awareness to combat financial fraud through mobile payments in cooperation with relevant ministries and financial organisations, local media reported on Tuesday (Jan 23).

According to the state-run daily The Mirror on Tuesday, an awareness talk on combating financial fraud through mobile payments took place in Naypyidaw on Monday, attended by officials from the central bank, relevant ministries, private banks and financial organisations.

Speaking at the event, Than Than Swe (pic), governor of the Central Bank of Myanmar, said the central bank was working on establishing an action task force to prevent financial scams and to take quick action in response to reported fraud cases involving banks and mobile financial services.

She also said the central bank was focused on ensuring widespread use of mobile financial services in accordance with laws and regulations, urging the public to protect themselves from fraud and cooperate with government departments.

Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein emphasized the necessity of understanding the security of the online system, especially with the growing usage of social media following the development of modern technology in the early 21st century.

He also mentioned that Myanmar's State Administration Council already released the standard operating procedures for getting information and taking action to prevent and protect against financial frauds through telecommunication networks.

According to media reports, a total of 482 online scam cases were reported in Myanmar between 2021 and 2024, and 23 Nigerian nationals, one Thai national and 59 Myanmar nationals were charged for the cases. - Xinhua