BAB awareness drive to prevent bank fraud

MANAMA: The Bahrain Association of Banks (BAB) plans to launch a national campaign aimed at raising awareness of various kinds of electronic fraud targeting bank customers.

The association will run the campaign in co-operation with the General Directorate of Anti-corruption and Economic and Electronic Security at the Interior Ministry, the Telecommunications Regulatory Authority, the Central Bank of Bahrain (CBB), and banks.

During the campaign, awareness messages will be broadcast through diverse channels directed at all segments of banking services users in the kingdom.

“These awareness-raising messages will be in the form of videos, SMSes, news releases, social media posts and advertisements, in addition to TV and radio messages in different languages,” BAB chief executive Dr Waheed Al Qassim said.

The campaign will also include virtual seminars with partners and specialists to find out the latest updates in financial fraud and piracy, and how to prevent them, especially since fraudsters always resort to developing their methods of hacking the accounts of their victims.

The initiative comes in implementation of the directives of the CBB, which through its periodic updates on the regulatory requirements for the first quarter of 2021 has asked banks not to open accounts for individuals residing outside the GCC countries through digital applications and granting banks the power to reject and cancel transfers if the bank suspects that the customer has not made these transfers, and reporting suspicious transactions.

The CBB has also directed banks to freeze any prepaid card that is inactive for six months, and to monitor transactions in customers bank accounts to detect fraud.

The regulator has also called on banks to start awareness programmes for their customers to warn them of the risks of electronic fraud, and the need to preserve their data, and not to share it with anyone.




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