Kuwait banks eye broader deposit protection

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KUWAIT CITY, March 15, (Agencies): Local banks are studying a proposal as part of broader protection efforts that call for the introduction of a new procedure that requires freezing any amounts transferred via “links” to the account of the beneficiary customer in theory, specifically if the bank from which the transfer is made informs him that the account is hacked, and it must be blocked until further notice, reports Al-Rai daily. Banks have recently noticed repeated complaints of account piracy via “link” messages, with values ranging from 200 to 2,000 dinars, as these fraud messages usually contain imaginary prizes, especially through the “Apple Pay” service.

These amounts that are transferred through links from the clients account usually face mishap as the verification code gets seized resulting in the money being transferred in the hackers account that is outside Kuwait. Meanwhile, banks are betting that it is possible to reduce the losses of these frauds by stopping the movement of money, specifically the last step, which includes the transfer of funds from the inside to the outside, in light of the growing opportunities for the customer to quickly discover that he has been hacked, and to report the incident directly or through his friends who have been defrauded. , giving a wider banking space to track the movement of funds and request the receiving bank to freeze the seized amounts until the veracity of the communication is verified. The sources confirmed that freezing funds between banks requires the approval of the Central Bank of Kuwait.

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