CBK tightens oversight of electronic fraud, orders 24/7 response teams
. . . steps up fight against online financial fraud
The Central Bank of Kuwait (CBK) has tightened its oversight of electronic financial fraud, instructing exchange companies, electronic payment service and money service providers and electronic payment system operators to ensure continuous operational support for the Central Virtual Room.
The CBK has issued instructions to all concerned parties to comply with the procedures and responsibilities assigned to the virtual room, including providing specialised technical teams around the clock to handle reported electronic fraud cases and take the necessary action.
The directive forms part of the Central Bank’s efforts to expand the virtual room’s operational capacity, strengthen the monitoring of electronic fraud and accelerate responses to suspicious financial transactions.
The initiative aims to enhance financial security, minimise risks associated with fraud and illegal transactions, protect customers of the banking sector and safeguard their money and property.
The Central Bank, Kuwait Banking Association and local banks have joined hands with the Ministry of Interior and the Public Prosecution to establish the central virtual room, ensuring coordinated action between financial institutions and the competent authorities in dealing with electronic financial fraud.
The virtual room began operations in December 2023 under clearly defined procedures agreed upon by all participating parties to ensure rapid, continuous coordination and cooperation.
The latest instructions extend this framework by placing greater emphasis on the operational readiness and technical responsibilities of financial service providers, particularly the availability of specialised teams capable of responding to fraud reports at any time.
