Stricter Supervision to Monitor Cyber Fraud Cases Hour by Hour

The Central Bank clarified that relevant entities must comply with all procedures and tasks associated with the operation of the “Virtual Chamber,” including providing a dedicated technical team on a 24/7 basis to handle fraud cases reported through it, and taking the necessary actions regarding such cases.

It was further indicated that, as part of the Central Bank’s efforts to curb electronic fraud, and in accordance with directives expanding the scope of the Central Virtual Chamber, all procedures and tasks specified within this framework must be adhered to.

To enhance financial security and reduce risks linked to fraud and illegal transactions, and in line with the commitment of the Central Bank, the Kuwait Banks Association, and Kuwaiti banks to protect banking sector customers and safeguard their funds and assets, cooperation was established with competent authorities—namely, the Ministry of Interior and the Public Prosecution—to establish a central virtual chamber for efficiently and swiftly addressing electronic financial fraud in Kuwait. The Chamber commenced operations in December 2023, following precise and clear procedures agreed upon by all participating stakeholders, ensuring rapid and continuous coordination and collaboration.