zicoraads:

Are you in Niger state?

Guy you know watsup

emmamajesty:
This momo fraud incident happened in Bida Niger State this month, to be frank Nupe boys really cashed out, many of them got 50m, 10m, 100m, 5m, 500k, 400k 250k or so and it was very massive that very day cos both the people and business men there really cashed out,

True. I hear say money finish for bank in Bida

cigaricon:
Guy you know watsup

even me too follow benefit from momo boys cos that very day no cash in Bida so we businessmen began to collect transfer, if u transfer 500k I will pay u 350k cash

emmamajesty:
This momo fraud incident happened in Bida Niger State this month, to be frank Nupe boys really cashed out, many of them got 50m, 10m, 100m, 5m, 500k, 400k 250k or so and it was very massive that very day cos both the people and business men there really cashed out,

They will all soon cry and suicide rates may skyrocket because they would be made to pay every single Kobo till they die.
With BVN there is no hiding place for such thieves.
From the report on the filed case,the banks are not disputing such illegal transaction and crediting occurred,they only told MTN they can only act if MTN via Momo issues them with a court mandated order.
This the court is likely to do,then the banks become empowered to stop transactions on all the affected accounts or seize funds in those still credit worthy till all the monies are recovered.
Since this affects almost all banks,those criminals would easily have their accounts traced and promptly blocked.
It's foolishness in this day of BVN and Nin to feel one can get away with stealing funds not belonging to oneself, particularly when it's money belonging to a big institution,not your individual credit scam where the person so defrauded may forgo the money when he/she thinks of all the police stress,bribes to the police or EFCC to act and the amount of time it would take to have back his/her stolen funds.

cigaricon:
True. I hear say money finish for bank in Bida

not only bank both pos no money to withdraw, that very u no go see where to buy phones, bike, electronics even clothes because everything finished for bida

seborrhic:

They will all soon cry and suicide rates may skyrocket because they would be made to pay every single Kobo till they die.
With BVN there is no hiding place for such thieves.
From the report on the filed case,the banks are not disputing such illegal transaction and crediting occurred,they only told MTN they can only act if MTN via Momo issues them with a court mandated order.
This the court is likely to do,then the banks become empowered to stop transactions on all the affected accounts or seize funds in those still credit worthy till all the monies are recovered.
Since these affects almost all banks,those criminals would easily have their accounts traced and promptly blocked.

cry for where, many of those guys since they open their account they never received even 5k in their life so they have nothing to be worried about

Don't blame the banks..na hackers. Momo chain no block �

What is the mtn money app?

emmamajesty:
cry for where, many of those guys since they open their account they never received even 5k in their life so they have nothing to be worried about

You seem not to even understand the gravity of the situation.
One way or the other people use financial institutions,even if they are poor,be it POS,Momo,etc.
The banks simply allow crediting of the account,but won't allow money to be taken out.
For those they feel their transactions won't pay for the funds they stole,they just send police after them because it's fraud and we are talking of the 2 biggest set of organisations in Nigeria,MTN and the banks,that can easily mobilise the police or EFCC to go after the thieves.
If they can't get back the money,they are charged to court and would be jailed!
You think it's one ₦10k or ₦100k scam against Mr owolabi or Chukwudi we are talking about here where the person would be lamenting and cursing the fraudster only.

emmamajesty:
cry for where, many of those guys since they open their account they never received even 5k in their life so they have nothing to be worried about

Their BVN have been flagged already so, eventually, they will be caught. Unless they never plan to open an account in their lifetime.

Mumusaphire:
nothing is threat if it is momo ooooo. They charge outrageous also and they don't have app. Only ussd code.

THEY DO ....GO TO PLAYSTORE AND DOWNLOAD

seborrhic:

You seem not to even understand the gravity of the situation.
One way or the other people use financial institutions,even if they are poor,be it POS,Momo,etc.
The banks simply allow crediting of the account,but won't allow money to be taken out.
For those they feel their transactions won't pay for the funds they stole,they just send police after them because it's fraud and we are talking of the 2 biggest set of organisations in Nigeria,MTN and the banks,that can easily mobilise the police or EFCC to go after the thieves.
If they can't get back the money,they are charged to court and would be jailed!
You think it's one ₦10k or ₦100k scam against Mr owolabi or Chukwudi we are talking about here where the person would be lamenting and cursing the fraudster only.

The people involved in this fraud didn't really think it through. Otherwise, they would never have gotten themselves involved in it.

ecolime:
MTN is on a wild goose chase. Money wey boys don clear

You can't hold the Banks liable for your system failure. The best they can do is lien those accounts and blacklist their BVNs.

It's just like Banks suing MTN because a fraudster hacked their account and bought Airtime. Will MTN refund the Bank? Nahh... They can only make refunds if the airtime has not been utilised.

You leave Telecoms wan dey cash out for banking too.. Momo ko, mumu ni. You have to face one.

U didnt even read d write up...... go back and read again

emmamajesty:
not only bank both pos no money to withdraw, that very u no go see where to buy phones, bike, electronics even clothes because everything finished for bida

What happened at Bida is minimal compared to the amount transferred. It is just a way of shifting the main focus from the main target. As I said earlier, this fraud is perpetrated by Nigerians abroad with local accomplices. It is a well organized electronic fraud ring.

Next!!!

EkelediliBuhari:
Sounds like a conspiracy to me.

MTN got it wrong thinking they could just Waltz into the banking sector and take everything.

They should have done dry runs and possibly a little test runs before going public. I believe they are being sabotaged as this is not just a simple fraud.

Most Nigerian compromise are sabotage by those trusted with privileges to know the inside workings.

This thing that Bida boys used to become big boys over night. I heard of a guy that got 163m and was able move d money to his Bitcoin wallet dat nyt. As I am talking to u now like dis, I heard d nigga is in Switzerland........sense no go kill dat guy anywhere wey him dey...

moodyguy:
U didnt even read d write up...... go back and read again

I'm sure you work with Momo PSB.

MTN is suing the banks for recovery. You are the one to read up the writeup again.

Let the courts decide.. lol

Too much middle men

Most times if you buy airtime directly from your bank account it's one mtn phone number that they will use to load your account

That is the major problem, many of those franchise guys just use mtn logo or brand to collect money from people , but alot of those funds aren't remmited to mtn

They are just like nepa and fg. Hiding under mask to rob us

But I don't blame them MTN TOO NA "GRANDPA OF THIEVES"!

Tintedsino:
This thing that Bida boys used to become big boys over night. I heard of a guy that got 163m and was able move d money to his Bitcoin wallet dat nyt. As I am talking to u now like dis, I heard d nigga is in Switzerland........sense no go kill dat guy anywhere wey him dey...

na only few of them really make use of the money wisely others just squandered the money on luxury things but I won't lie, throughout that momo week u will hardly hear that they committed any crime in Bida because money flows very well in Bida

seborrhic:

You seem not to even understand the gravity of the situation.
One way or the other people use financial institutions,even if they are poor,be it POS,Momo,etc.
The banks simply allow crediting of the account,but won't allow money to be taken out.
For those they feel their transactions won't pay for the funds they stole,they just send police after them because it's fraud and we are talking of the 2 biggest set of organisations in Nigeria,MTN and the banks,that can easily mobilise the police or EFCC to go after the thieves.
If they can't get back the money,they are charged to court and would be jailed!
You think it's one ₦10k or ₦100k scam against Mr owolabi or Chukwudi we are talking about here where the person would be lamenting and cursing the fraudster only.

I get u but the issue is those guys no send u, most of them are poor and illiterates that saw that opportunity without minding the consequences

Kindly elaborate. Was it a system glitch or what?

zicoraads:
Some young ones were able to make withdrawals. A few persons bought high end phones and made transfers before some of the banks knew what was happening.

Hmmm Hope the bank placed liens on the accounts.

I knew momo won't work in Naija. It has been in use in Benin republic for years without wahala. In fact they use it more than the normal banking. But Naija's fraud can't make it work here.

TheEnforcer:
Nigerians and phones? I think it'd due to the poverty situation that people attach such importance to phones in that country. You don't see people in wealthy western nations do that.But in Nigeria, phonez and Cars are a status symbol and the guys have used that destroy lots of girls who obsess about them.If you get my drift

They couldn't make large withdrawals from the bank. The only way was to buy expensive phones. Expensive Samsung and i-phone 13s finished in Minna town that day.

9gerian:
Kindly elaborate. Was it a system glitch or what?

I don't know. But most people said it was a hack. Happened in Bida, which is about 80 kilometres to Minna town. Bida houses a polytechnic. The Poly boys were the ones who did it. Bought a lot of expensive stuff in Bida then moved to Minna town. It was a while before the hack was noticed and banks had to restrict accounts. They lost quite a ton of money.

As a Fraud Data Manager, I'll put the blame on MTN.
Since it's an erroneous transactions as they claim, they are wrong to have gone to court over the 18 banks.

However, I understand from MTN's side that they could have gotten little or no cooperation from those banks.

The way commercial banks bully Fintech companies is so huge. They count the Fintech companies as baby banks.

With the court case, the 18 banks will cooperate in helping them recoup some of the transactions.

However, it took MTN longer time to respond to these threat. I know vividly that these errors occurred around last month and people were just withdrawing huge amounts.


The truth is, it's not an erroneous transactions but a system glitch.

I pray they recover some funds. I pity their fraud analyst. This is not the best time to be one in MTN.

A similar case occurred while I was still in ECOBANK as fraud analyst; We worked out arse out in trying to recover funds.

ithink7:


It's obviously a sabotage.
The banks are really milking customers, so they would do anything to resist positive change.

Banks - Commercial banks are not going anywhere.

And I don't Work for any.
Nigerian banks have a lot of changes to make but to disregard banks would be laughable.

EkelediliBuhari:
Sounds like a conspiracy to me.

MTN got it wrong thinking they could just Waltz into the banking sector and take everything.

They should have done dry runs and possibly a little test runs before going public. I believe they are being sabotaged as this is not just a simple fraud.

something that have been in existence in other African countries for years, and yet they left loop holes knowing fully well that Nigeria cyber warlords are at war.

iCauseTrouble:
Seun, one of your admin banned me for 5 days for supporting Peter Obi. I never knew nairaland has turned to an APC forum.
I am happy Reno Omokri did similar thing to you on Twitter.

Why will you support Peter Obi? Don't you know he is the one behind all the killings in the East? You are supposed to be arrested by DSS, for supporting a criminal like Peter ObiTUARY.

post=114206970:

They should simply bring out the money the same way it was erroneously transfered to the said accounts.
Atleast the money has been traced.

if it where that easy the banks wouldn't be sued. I think mtn will lose this case in court. They better plead with the banks if they so wish to recover their money.

incompetence of the highest order