Kuwait banks eye broader deposit protection – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 16-Mar-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
Kuwait banks eye broader deposit protection – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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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.
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