KBZ Pay announced on January 3 that it is providing refunds in advance to 31 KBZ Pay users who recently encountered online banking fraud so that they do not lose money.
According to the statement released by the Central Bank of Myanmar, it was found that scammers stole the KBZ Pay users’ money by hacking the system of intermediary services through mobile network service providers which are linked with the bank and mobile money services. Upon KBZ Pay’s further investigation, it was also found that only the device change process was affected by the fraud in the 31 incidents, the KBZ Pay statement said.
Now, some operators have temporarily suspended handset change processes for system maintenance, and the process of handset change will be resumed on January 7, 2025. KBZ Pay is continuously working on security of mobile money service in cooperation with mobile network operators and the Central Bank of Myanmar. During the investigation period, KBZ Pay started providing advanced refunds on December 31, 2024 to prevent the loss of money to 31 users, the statement said.
In addition, the Central Bank of Myanmar has announced that it will intensify efforts to identify individuals and organizations involved in mobile money fraud and take effective action.
