Festive season fuels mobile money fraud across Africa

December 5, 2025 in Financial Services, Technology & Telecoms by Editor

Africa’s mobile money ecosystem processed an estimated $81-billion transactions last year. 2025 is set to match or exceed this amount – with December driving the biggest surge, as families send money home over the festive season. But as transfers peak, so does cybercrime. Phishing scams, SIM-swap fraud, and social engineering attacks, exploit the urgency of the season, especially on platforms that don’t offer the same safeguards as traditional banks.

Africa’s mobile money networks are heading into their busiest period of the year, with December transactions expected to push 2025’s total past last year’s USD81-billion mark. But as remittances rise, so do the risks. Cybercriminals are increasingly targeting the speed, scale and emotional urgency that define the festive season, exploiting users who are sending money home or responding quickly to family needs.

Phishing attacks dressed up as holiday promotions, SIM-swap scams aimed at high-value accounts, and manipulative social-engineering tactics are among the most common threats. Security experts warn that the same features that have made mobile money the backbone of financial inclusion—accessibility, quick transfers and minimal formalities—also open the door to fraud when platforms lack stronger safeguards.

“The festive season reveals both the strength and fragility of Africa’s mobile money ecosystem,” says Allan Juma, Cybersecurity Engineer at ESET Africa. “Transfers spike, cross-border remittances surge, and that creates an environment that cybercriminals actively prepare for.”

Juma notes that while trust in mobile money has grown steadily, it remains vulnerable to a single breach. One compromised account can push users away from digital finance entirely, undermining years of progress across the sector. The challenge, he argues, is that many mobile money operators have not kept pace with user expectations or criminal sophistication.

Unlike traditional banking apps, numerous services still rely on basic PIN codes and lack robust encryption or multi-factor authentication. These gaps make it easier for attackers to intercept data or take over accounts, especially when users are distracted by holiday commitments.

“Closing these security gaps can’t wait,” Juma says. “During this season, mobile money becomes Africa’s financial lifeline—people are paying for travel, sending school fees, supporting elderly relatives. Criminals know users are making quick decisions. Stronger authentication and AI-driven fraud detection can help spot anomalies before money leaves an account.”

While technology improvements are crucial, experts stress that consumer awareness remains the first line of defence. Simple steps—such as enabling two-step verification and refusing to share PINs—can block many attacks. Users are urged to be wary of unsolicited messages claiming to be from service providers, relatives in distress, or holiday promotions that require personal information.

Pausing before responding may be the most effective protection. Fraudsters thrive on urgency, especially when disguised as family emergencies or time-limited “exclusive” deals.

“Security can’t be an afterthought,” Juma adds. “Users and service providers both have roles to play. The festive season brings Africa’s mobile money ecosystem to its highest point of activity—and its highest point of vulnerability. Protecting that trust is a shared responsibility.”