Business & Finance

How Moniepoint POS Agent’s Alleged N16.3 Million Fraud Scheme Got Uncovered

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How Moniepoint POS Agent's Alleged N16.3 Million Fraud Scheme Got Uncovered

In a recent turn of events, an agent of Moniepoint, identified as Olumide Remilekun Owolabi, has been apprehended by law enforcement officials from the Zone Two Police Command, Onikan. The arrest was made in connection with an alleged Point of Sale (POS) fraud amounting to N16.3 million. The incident came to light after a petition was filed by Raphael Alabi to the Assistant Inspector General (AIG) overseeing the zone, Ari Mohammed Ali.

According to reports, Alabi had purchased a POS terminal from Owolabi back in March. Unbeknownst to Alabi, the POS agent had purportedly manipulated the machine in a fraudulent manner. He allegedly inserted a chip and developed a mobile application that granted him unauthorized access to all transactions conducted through the terminal.

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Over a span of approximately four months, from March 10 to July, it is alleged that the suspect executed a series of unauthorized transactions through the compromised POS terminal. These transactions allegedly resulted in the diversion of a staggering N16,381,000 into Owolabi’s personal account. This diversion reportedly led to significant financial losses for the complainant, Alabi.

Prompted by the petition, the AIG instructed the Zonal Monitoring Unit to initiate a discreet investigation into the matter. The investigation reportedly confirmed that indeed, transactions during the specified period had been redirected. Subsequently, Olumide Remilekun Owolabi was taken into custody. During questioning, the suspect is said to have confessed to the crime. The ongoing investigation aims to uncover additional details surrounding the case.

READ ALSO: POS Operators Introduce New Charges for Deposit and Withdrawal Transactions



In light of these developments, the public is urged to exercise caution when choosing which POS operators to engage with. The alleged fraudulent activities of this Moniepoint agent serve as a reminder that vigilance is crucial when dealing with financial transactions. As the investigation continues, further insights are anticipated into the extent of the alleged fraud and any potential accomplices.

This incident sheds light on the importance of ensuring the security of financial transactions, especially in an era where digital payment systems have become increasingly prevalent. Users are advised to verify the authenticity and credibility of POS operators before engaging in any transactions to prevent falling victim to similar fraudulent schemes.

Source: The Nation Online Nigeria

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