Fraud risk management of bKash Limited

Abstract

bKash, the largest mobile financial service provider company in Bangladesh has grown rapidly with their services of cash in, cash out, buy Airtime, payment, remittance and so on. bKash has made money transfer a lot easier for people of Bangladesh specially for those in rural areas without any bank accounts. But on the other hand, this platform is being misused through fraudulent activities and money laundering. Many people become the victim of fraud everyday and bKash is a very common platform to use for fraudsters. For some reasons, the frauds have been increasing day by day. In this report I have tried to find out the reasons behind the frauds taking place, in what ways bKash customers and agents are defrauded and the measures taken by bKash to combat these risks. I addition to that, I have mentioned some observations based on the tasks I was assigned to. Based on the observations I have stated some constraints and possible course of improvement depending on my practical experience for the past three months. The report has delivered the information about how effectively bKash is performing to manage their fraud risks through External Affairs Department. This department very efficiently handles all the fraud related issues in four ways, LEA Management, Fraud Risk Governance, Intelligence Evaluation and Planning and Relationship Management. The work process of each and every part is explained in details. Based on the observations, I have tried to find out what challenges bKash is facing in the process of managing risks both internally and externally. At the end of the report, I have incorporated some recommendations in response to the challenges.