Mobile payment is one of the emerging payment methods that have received serious attention in the western world because of its capability of reducing entirely the stressful situations customers go through in the commercial banks. Notwithstanding that, it has brought serious payment issues to general public and this has drawn the attention of both the past and present government of Ghana. There have been serious financial frauds happening in Ghanaian circles which portray that the established practice on fraud is not complied with. The study seeks to investigate the impact of   due diligence practice that guides against the current and recent rampant financial frauds in mobile payment companies in Ghana. Methodologically, this study employs three- step approaches; The first step investigates the  nature of fraud  in  the mobile payment companies .The second step looks at the direct impact of  fraud  and  victims. The third approach investigates management implication behind the financial fraud theories which are being used by mobile payment companies. The study use secondary data from published financial statement. The study follows mixed method both quantitative and qualitative approach. Data gathered was analyzed using descriptive statistical tools such as tables ,charts and diagrams. The finding indicates that globally more than  48% of companies have fallen victim to fraud with global cost of fraud amounting to $1.5 trillion per year.  Based on the outcome of the findings, the study offers theoretical, policy and practical implications for scholars, policy makers and practitioners and make specific useful recommendations for further research and managements of mobile payment companies in Ghana  .