Control of fraud and unauthorized payments in the MFS industry: An exploratory study of bKash Limited

Abstract

Mobile Financial Service (MFS) has grown astronomically in our nation over the past ten years. However, the hazards linked with the MFS industry have become significant as well. The possibility of fraud and illegal payments has always existed wherever we talk about money and transactions. Since the beginning of the MFS industry, there have been instances of fraud. The legislation of our nation and the enforcement agencies or regulators view such financial crimes as serious offenses. bKash invests a lot of time and money into it because they take their customers' security and safety extremely seriously. In order to reduce all financial risks associated with the MFS industry, Bangladesh Financial Intelligence Unit (BFIU) and Bangladesh Bank have established a course of action with amendments. In order to reduce these risks, bKash employs a variety of strategies that entail cross-departmental cooperation between the customer service, external affairs, product, and technology departments as well as the regulators and law enforcement authorities.This research focuses on the effects of fraudulent and criminal activity on the MFS business and the function of "Compliance." The goal of the research is to provide readers with an understanding of effective management practices at bKash limited and also a pathway to minimize risks. The research does this by looking at the real-life scenario of bKash limited, which is succeeding under the strict compliance to regulators. This case study will also open up the possibility for more investigation into the best ways to comply with national and international MFS regulations.