Tuesday , October 23 2018

CBK moves to take action against theft of ATM data – CVM to be made compulsory by 2018

KUWAIT CITY, Dec 3: The Central Bank of Kuwait (CBK) has expedited the pace of adhering to the minimum standards required to address the theft of ATM data and fight against fraud using bank cards, reports Al-Qabas daily. In its fight against fraud, the CBK has requested all banks to adhere to the following:

■ Replacement of ATMs that do not have built-in ASP and SPS devices and replacement of all IFDI equipped devices with ASP or SPS by June 2018.

■ Examine ATMs twice a week minimum, with a change in examination times.

■ Interbank meeting in cases of fraud involving 10 cards or more within 24 hours that may occur in one bank or multiple banks or at the request of a bank.

■ Reactivate the bank cards through the bank’s secure channels such as the customer service center, website or by visiting one of the bank’s branches, so that the bank cards will not be automatically activated the next day.

Completion of the Cardholders Verification Method (CVM) verification shall be made by 2018, and banks that do not comply within this period must provide the CBK with justifications accompanied by an appropriate timetable for the completion of the application in the automated systems and the replacement of all bank cards.

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