Electronic Financial Fraud Is Deterred By The Central Unit

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

In response to this directive, the Kuwait Banks Association was asked to work with the Public Prosecution and the Ministry of Interior, specifically the Electronic Crimes Department, in order to establish a centralized unit, according to Al-Qabas.

This unit, comprising representatives from all local banks, operates 24/7 in partnership with the Ministry of Interior and the Public Prosecution, mainly handling reports of electronic financial fraud.

In the central unit, electronic financial fraud attempts are deterred, actively confronted, monitored, and analyzed to identify the latest tactics and strategies being used to target customers and take their funds.

To ensure customer security, the unit also aims to increase awareness of these methods, strategies, and preventative measures.

The purpose of this initiative is to enhance collaboration between the banking sector and the relevant authorities in order to reduce electronic financial fraud. Combining these entities' expertise will make significant strides in safeguarding customers from such operations.

Banks should be notified promptly of any instances of electronic financial fraud, whether they are confirmed, attempted, or merely suspected.

Through this proactive approach, necessary measures can be taken in conjunction with the Public Prosecution and the Ministry of Interior, specifically the Cybercrime Department, potentially disrupting illicit activity and preserving customer rights.

Furthermore, the Kuwaiti banking sector remains committed to its role in promoting financial and banking awareness alongside the establishment of the Central Chamber.

With the support of the Kuwait Banking Association and local banks, the Central Bank of Kuwait launched the "Let's Be Aware" campaign.

It aims to enhance financial literacy across various segments of society, raise public awareness about the banking sector's role, and inform individuals about the dangers of fraudulent operations that target them. Furthermore, the campaign clarifies the process for submitting complaints and protecting the rights of customers.

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