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KUWAIT CITY, April 1: The defrauding methods used in stealing the funds or properties of others recently took a new turn based on the latest operation monitored by the regulatory authorities that dealt with the case and referred some of the perpetrators to the Public Prosecution, reports Al-Jarida daily quoting sources. Sources revealed the new defrauding method is the use of logos of regulatory authorities, represented by the Capital Markets Authority (CMA).
Sources said the fraudsters continue to devise new methods in deceiving others. Sources pointed out this is a violation of the law prohibiting the use of the logo of any entity. Sources said these fraudsters are targeting companies that have wallets for trading in foreign currencies, through which customers are asked to settle their financial obligations and then the fraudsters send invoices for taxes or fees that must be paid.
Sources stressed that the regulatory authorities do not ask companies — licensed or not — to pay through links. Sources added these authorities neither collect taxes nor send invoices to any party. Sources emphasized that individuals and companies must verify information before paying to the regulatory authorities or communicate directly with the authorities to stop such illegal activities.
In the same context, sources confirmed that using the logo of any regulatory authority or knowing the person using the name of the wallet or an official in the company or the regulatory authority does not justify dealing with claims for payment. Sources emphasized that direct verification must be done first, especially since the oversight authorities are available to respond to inquiries; and there are no reasons to expedite dealing with such correspondence before confirmation.
Also, the public must bear in mind the following:
1. Individuals and institutions must take all the necessary measures to protect their data.
2. Focus on training, technical qualification and continuous awareness programs.
3. Assist the oversight authorities by following the instructions and warnings, and paying attention to public awareness campaigns.
4. Direct communication with the concerned individual or entity regarding the payment and transfer of funds, and double check everything, as fraud and infringement on the rights and properties of others are on the rise.
5. Strengthen the electronic security of companies, deal with trusted companies and entities, and avoid granting absolute powers to any party or entity.
6. The regulatory authorities neither use electronic invoices nor collect taxes or fines through links or on behalf of any party — internal or external.
The number of scams targeting individuals and entities has increased remarkably; hence, the need for caution, as the cornerstone of the success of such operations lies in the cooperation of the targeted person or entity and lack of data protection.