Mobile financial services (MFS) like bKash, Nagad, and Rocket have revolutionised money management in Bangladesh, especially for rural and unbanked communities. However, with this progress comes a growing threat-fraud. Reports suggest that nearly one in ten users has fallen victim to MFS fraud, causing losses of over Tk 1,200 crore annually.
These crimes range from phishing emails and fake calls to SIM swapping and cloned apps. The issue isn't just weak technology-it's also about social behaviour, digital illiteracy, and ethical decay. Theories like the Fraud Triangle, Strain Theory, and Social Learning Theory help explain the rise of mobile fraud. Young people facing unemployment often see it as a low-risk, high-reward opportunity. In many cases, they justify their actions by blaming the system or the victim.
The alarming part is that even well-educated individuals are victims. A study found 16.4 per cent of victims held master's degrees, showing that tech awareness, not academic degrees, is key. Yet, only 7.6 per cent report these crimes-many fear shame, distrust the system, or don't know how.
Tackling this issue requires a multi-pronged approach. Technical upgrades like AI fraud detection, biometric verification, and real-time alerts must be paired with digital literacy campaigns. Regulatory reforms, such as licensing for agents and 24/7 fraud response teams led by the central bank, are essential. Community involvement-through schools, mosques, and local volunteers-can also play a vital role in raising awareness.
MFS was designed to empower, not endanger. To build a secure, inclusive digital future, we must understand the roots of fraud and address both the technical and human dimensions behind it.
Rozina Akter Nishu
Student
Bangladesh University of Professionals.