"Your card is declined"... Central Bank reveals when banks will stop customer cards to protect their funds
Kuwait Central Bank revealed that restricting cards is a security measure to protect funds from fraud when unusual activity is detected.
Translated by Qiyas from الأنباء — Original source
Ahmed Maghrabi: The Central Bank of Kuwait has confirmed that the rejection of certain banking transactions or restrictions on the use of bank cards may be a precautionary security measure adopted by banks to protect customers’ funds from unauthorized use and potential fraud attempts.
In an awareness post as part of the “Let’s Be Aware” campaign, the Central Bank explained that banks may restrict a bank card when unusual activity is detected or when unexpected financial transactions are observed that differ from the customer’s usual spending pattern, as part of measures aimed at enhancing banking security.
It noted that using a card in a different geographic location, such as making purchases in a new country, or executing multiple repeated transactions within a short period, may warrant precautionary steps to verify the legitimacy of the transactions and protect the customer.
The bank emphasized the importance of immediately contacting the bank when transactions are rejected or a card is restricted, and verifying the validity of banking transactions to safely reactivate them. It stressed that swift action and communication with the bank contribute to protecting customers’ funds and curbing potential fraud attempts, noting that the security of funds and the integrity of banking transactions are fundamental priorities.
These awareness messages come within the framework of strengthening financial and banking literacy and raising customer awareness of the security measures associated with the use of bank cards.
