Kuwaiti banks strengthen defenses as recovery of pirated funds remains a challenge
- Cybersecurity experts warn that Gulf countries, including Kuwait, are increasingly targeted by hackers. According to Group-IB, a leading cybersecurity firm, the Gulf region accounts for 16.54% of global hacking attacks, with phishing remaining a primary threat.
- Amid growing digital threats, Kuwaiti banks continue to enhance security measures and preventive strategies, urging customers to safeguard confidential information and remain vigilant against evolving fraud tactics.
Kuwaiti banks continue to adopt the highest technical standards to protect accounts of customers amid a surge in electronic fraud, including AI-enabled phishing attacks targeting WhatsApp, email, and links.
Officials warn that victims who disclose sensitive information, such as one-time passwords (OTPs), bear primary responsibility for any resulting losses unless bank errors are proven.
Bank experts note that the ability to recover stolen funds depends heavily on the route of the transfer. If funds are moved locally — within the same bank or between multiple local banks — there is a greater chance of recovery.
Cooperation between banks, the Ministry of Interior, and the Ministry of Justice enables the monitoring of suspicious accounts, temporary suspension of operations, and blocking of online services to halt fraudulent transfers before funds reach their final destination.
However, the scenario becomes more complex when funds are transferred abroad, often through phishing scams linked to international purchases. In such cases, banks can request assistance from correspondent banks but cannot guarantee a return, making international fraud significantly harder to reverse.
Regarding compensation, banking officials stress that customers are not entitled to reimbursement for losses resulting from their own negligence in protecting account information. Recovery efforts rely on proving bank error, highlighting the importance of following security protocols.
To strengthen fraud prevention, some banks are considering contract clauses granting them temporary suspension rights over accounts suspected of fraud, alongside the authority to exchange account information with other banks for investigative purposes.
Cybersecurity experts warn that Gulf countries, including Kuwait, are increasingly targeted by hackers. According to Group-IB, a leading cybersecurity firm, the Gulf region accounts for 16.54% of global hacking attacks, with phishing remaining a primary threat.
Amid growing digital threats, Kuwaiti banks continue to enhance security measures and preventive strategies, urging customers to safeguard confidential information and remain vigilant against evolving fraud tactics.
