Myanmar’s Kanbawza Bank (KBZ) stated on Tuesday that it will investigate complaints of fraudulent transactions from KBZPay accounts with the help of the Central Bank of Myanmar (CBM). This comes after several anonymous KBZPay mobile wallet users told DVB that their accounts has been depleted in late December.
“Someone transferred money out of my KBZ bank account [via KBZPay]. I reported it to the bank once I noticed but it replied that it won’t take any responsibility. They told me it is not their fault,” a KBZPay user told DVB on the condition of anonymity.
Most of those with money stolen from their KBZPay mobile wallets were using SIM cards from Ooredoo, one of four telecommunications companies operating in Myanmar, the KBZPay mobile wallet users reported to DVB.
DVB requested a response from Ooredoo about the security of KBZPay mobile wallets on its network. In order to avoid online fraud, the CBM requires all mobile SIM cards and mobile wallets to be registered.
DVB reported on fraud targeting KBZpay mobile wallets last May. KBZPay was launched in October 2018 and has become the most popular mobile wallet used by businesses and currency exchanges in Myanmar.
