"Banks" activate the role of the "Virtual Chamber"
The Kuwait Banks Association continues to activate and develop the role of the Virtual Central Chamber in addressing electronic fraud operations, as part of the Central Bank of Kuwait’s ongoing efforts to strengthen and protect the financial system and mitigate the risks of financial fraud and illicit activities.
Abdulwahab Al-Duwaigh, Chairman of the Anti-Fraud Committee at the Association, stated that the Chamber serves as an advanced platform for developing mechanisms to monitor and detect fraudulent activities at an early stage, in addition to supporting relevant authorities in preparing studies and establishing controls and procedures capable of curbing emerging financial crimes and sophisticated fraud methods.
He noted that the Chamber handles customer complaints with speed and high efficiency, monitors and freezes suspected fund movements when necessary, and oversees suspicious accounts, imposing restrictions on them in coordination with relevant authorities.
He emphasized that community awareness is a core pillar of the Chamber’s work, with continuous preparation and dissemination of awareness messages and materials as part of the awareness efforts led by the Central Bank through the “Let’s Be Aware” campaign, aimed at raising public awareness of fraud methods and prevention.
He mentioned that the Chamber has dealt with several common fraud patterns, most notably impersonation of bank or government employees to request updates to banking or credit card data; sending fake links via text messages or social media applications, claiming to be from banks or official entities to steal login credentials and secret codes; fraud through online buying and selling platforms by requesting advance payments for non-existent goods or services; forgery of websites and banking applications that impersonate official sites to steal customer data; investment fraud through fake offers promising high and quick returns, particularly via social media; and fraud related to fake job offers, involving the advertisement of fictitious job opportunities and the request for fees or personal and financial data from victims.
Al-Duwaigh stressed the importance of raising individual awareness as the first line of defense against fraud, urging customers to deal only with official and trusted entities, avoid interacting with suspicious advertisements or offers, and rely on official applications available through authorized app stores when conducting daily transactions. He also emphasized verifying the credibility of websites before executing any payments or sharing personal data. He added that combating financial fraud crimes requires the combined efforts of banking institutions, regulatory and security authorities, and customers.
