Kuwait News

Central unit acts as a deterrent to electronic financial fraud attempts

With the overarching goal of maintaining a secure financial environment for all clients within the Kuwaiti banking sector, and in a concerted effort to actively monitor and address instances of fraud around the clock, the Central Bank of Kuwait had issued a directive in March 2023.

This directive tasked the Kuwait Banks Association with collaborating with the Public Prosecution and the Ministry of Interior, specifically the Electronic Crimes Department, to establish a centralized unit, reports Al-Qabas daily.

Comprising representatives from all local banks, this unit operates 24/7 in partnership with the Ministry of Interior and the Public Prosecution, with the primary focus on handling reports of electronic financial fraud from customers.

The central unit is designed to act as a deterrent to electronic financial fraud attempts, actively confront them, monitor occurrences, and conduct analyses to identify the latest tactics and strategies employed to target customers and pilfer their funds or information.

Additionally, the unit aims to promote awareness of these methods, strategies, and preventative measures on a large scale to ensure customer security.

This initiative seeks to enhance collaboration between the banking sector and relevant official authorities to curtail electronic financial fraud operations. The goal is to make significant strides in safeguarding customers from such operations by leveraging the combined expertise of these entities.

It is crucial for customers to promptly report any instances of electronic financial fraud to their respective banks, whether the incidents are confirmed, attempted, or merely suspected.

This proactive approach enables necessary measures to be taken in conjunction with the Public Prosecution and the Ministry of Interior, specifically the Cybercrime Department, potentially thwarting illicit activities and preserving customer rights.
Simultaneously, alongside the establishment of the Central Chamber, the Kuwaiti banking sector remains committed to its role in fostering financial and banking awareness.

This commitment is evident through the “Let’s Be Aware” campaign initiated by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and local banks.

The campaign places emphasis on enhancing financial literacy across various segments of society, raising public awareness about the banking sector’s role, and educating individuals about the dangers of fraudulent operations that target customers through various means. Furthermore, the campaign provides clarity on mechanisms for submitting complaints and protecting customer rights.



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