CBK cautions against fraud attempts using ‘Wamd’ service

The Central Bank of Kuwait (CBK) recently issued a warning to be cautious of fraud attempts using the “Wamd” service, an instant payment platform, and advised against transferring funds to unknown accounts, which could be linked to money laundering networks.

This comes as part of broader efforts to enhance financial awareness and combat fraud, including initiatives like the “Fraud Shield Initiative Accelerator Program” launched in April 2025 to strengthen electronic fraud detection and prevention.

The CBK also mandates banks to implement new system controls to prevent customers from exceeding daily Wamd transfer limits.

Details of the Warning

Targeted Service: The warning specifically addresses fraud attempts via the Wamd instant payment service, which was launched in 2024 to facilitate instant transfers.

Fraudulent Activity: Fraudsters may attempt to exploit the Wamd service for illegal purposes.

Key Advice: The CBK strongly advises the public to refuse to transfer funds to unknown accounts, as these accounts could be part of money laundering networks and are used by fraudsters to evade suspicion.

Context and Broader Efforts

System Controls — The CBK has instructed banks to adjust their systems to block and limit Wamd transfers exceeding the daily ceiling, a measure taken to tighten controls over the service’s misuse.

Fraud Shield Initiative — In April 2025, the CBK launched the “Fraud Shield Initiative Accelerator Program” to foster collaboration among banks, payment service providers, and regulators to develop advanced solutions for detecting, preventing, and combating electronic financial fraud.

Financial Awareness campaigns — The CBK is committed to increasing financial literacy and awareness through campaigns like “Diraya” and promoting safe banking practices to protect customers from cyber fraud and other risks.

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