KIB upholds its efforts to raise public awareness about the dangers of digital fraud

Driven by its commitment to fostering a secure banking environment and ensuring the safety of its customers' financial transactions, Kuwait International Bank (KIB) extended its efforts to raise awareness about cybersecurity risks and evolving digital fraud methods. This comes as part of KIB's support for the national "Let's Be Aware" (Diraya) campaign, launched by the Central Bank of Kuwait (CBK) and the Kuwait Banking Association (KBA) in collaboration with local banks. The Bank’s continued support for the nationwide campaign aligns with its dedication to empowering customers to protect their data and funds, especially in light of the rapid digital transformation.

To this end, Mustafa Murad, Assistant Manager – Information Security, Privacy and Anti-Fraud Department at KIB, shared valuable information on Kuwait TV Channel 2 (KTV2) regarding the most widely spread fraud attempts and the precautions customers ought to take to protect their personal information and financial transactions. The interview also addressed the importance of achieving seamless integration between customer awareness and the advanced security systems employed by banks, given the complementary nature and reliance of both efforts on one another within the security framework. Nonetheless, he emphasized that customer awareness remains the "first line of defense" against fraud attempts despite banks’ ongoing investment in developing and safeguarding anti-fraud systems and updating security policies and procedures.

He pointed out that KIB's awareness programs are not limited to a specific age group or category, but extend to schools, universities, shopping malls, and social media platforms, given their increasing influence and reach across various segments of society.

As for the importance of targeting younger age groups, he explained that children and teenagers are now heavily reliant on smart devices and resort to online shopping at a young age, which urgently call for reinforcing their financial literacy and awareness of secure banking practices and building sound digital habits that will protect them in the future.
Among the most common fraud scenarios highlighted by Murad was online shopping fraud, whereby scammers pose as official stores and send users fake links via email or text messages requesting their banking and card details. The inability to recognize such attempts as fraudulent greatly endangers customers’ hard-earned funds and exposes their money to theft.

Following up on the most prevalent cybersecurity threats, Murad presented a set of practical guidelines that customers should adopt to safeguard their personal and banking information as well as their funds. The safe banking guidelines included enabling SMS and mobile app notifications to monitor any debit transactions in real time, in addition to attentively reading one-time password (OTP) messages and verifying the merchant's name and the transaction value before entering the shared code on any portal, while avoiding the use of the auto-fill feature upon checkout. He also stressed the importance of being wary of tempting offers that pressure customers into making haste decisions, urging them to stop immediately and contact the Bank using the number printed on their card in case of any suspicions. He further advised customers to review their account statements regularly to detect any unauthorized transactions early on.

If a customer falls victim to fraud despite taking the necessary precautions, Murad emphasized the need for swift action by immediately blocking the card via the KIB Mobile app and contacting the Bank directly to provide all available details about the incident. He explained that the Bank will investigate and attempt to recover the funds whenever possible, noting that the liability falls on the customer if they voluntarily disclose the OTP. 

Murad also highlighted the Central Room, established in December 2023 under the guidance and supervision of CBK, in cooperation with banks, the Ministry of Interior, and the Public Prosecution. He explained that this room operates around the clock to receive fraud reports from banks and coordinate immediately to mitigate damage, particularly concerning bank transfers made through applications or links, with the aim of keeping funds within the country before transferring them abroad.

In conclusion of the interview, Murad emphasized the importance of caution and avoiding haste, noting that urgency and impatience are among the most prominent indicators of fraud, and stressing the need to immediately terminate any suspicious communication.
It is worth noting that this media presence comes as part of KIB's participation in the "Let's Be Aware" campaign, underscoring the importance of collective efforts to enhance cybersecurity awareness. Customers are urged to immediately report any suspected fraud by contacting KIB’s Call Center at 1866866, via WhatsApp on 1866866, for international inquiries at (+965) 2295 7300, by email at [email protected], or through the Live Chat feature on the KIB Mobile App.