KFH: Smartphones, internet and social networks are high-risk means of fraud on bank cards

Talal Al-Arbeed

KUWAIT: Kuwait Finance House (KFH) continues its awareness messages to its customers and employees as part of the “Be Aware” campaign, thus warning against the risks of falling into the traps of fraud and hacking of all types of bank cards which have multiplied in recent times. No information about bank accounts or bank cards should be disclosed to unknown third parties, suspicious persons or fake websites. Immediate contact should be made with the bank or regulatory authorities to report any cases of fraud or credit card or information hacking.

Group Acting CEO – Bank Cards, Talal Al-Arbeed said the demand for electronic payment transactions is expected to increase given the increase in new money transfer systems and robust e-commerce around the world. The dramatic increase in the number of users of electronic payment systems has prompted cybercriminals to commit fraud offenses after obtaining the bank card number and the three-digit secret number (CVV) on the back of the card. Credit card purchase transactions are very simple because they have two stages: authorization and payment.

Al-Arbeed added that although a large part of fraudulent transactions on credit cards, ATMs and the Internet can be avoided, hackers will always try to invent new tricks to keep up with the latest developments, for example by promoting financial prizes that require disclosure of the bank card. details or transfer of funds to client for unrealistic reasons by unknown parties

Types of cards
Regarding the types of bank cards, Al-Arbeed said there are several types of cards. However, the most common types are three cards, credit cards, ATMs, and prepaid cards.

Types of fraud
He said the fraud is divided into two main types, the first and most common on the internet is the theft of card details in transactions requiring the use of the card. The fraud steals the card details and uses them illegally without having to use the card itself. The second type is to steal the information from the card itself. This method has become less common. It appears in stores when the dishonest seller swipes the card over an information storage machine and uses that information later to make purchases.

Mobile fraud
He indicated that phone fraud is one of the main channels for stealing funds from cards. Criminals are disguised as bank workers, police officers or others. They convince their victims that there are threats on their accounts so that they discover secret information and steal funds. Scams use the trick of pressing the key or one of the numbers in preparation for other pre-planned steps in very strict methods that allow the hacker to complete the hacking process.

He warned all users to take precautions against any stranger calls, not to disclose any account or card information, to immediately end the call, and not to discuss any details of any kind. that is. He stressed that no card or ID number should be given to anyone and that no transaction should be done over the phone unless the customer is the one initiating the call and is familiar with very well the business.

Social media applications
He said the increase in social media apps and the increased reliance on them in shopping, cross-border shopping and transaction processing come with different types of fraud. He indicated that when shopping online via personal computers, no access information, passwords or any other information should be recorded. He cautioned against links attached to email messages that ask the user to enter their personal data. Don’t click on it at all even if it looks like the bank is the sender. The client must know the party with whom he is dealing.

He added, “Before you buy anything online from an unknown seller, search for seller information online through search browsers. Also check the comments and opinions of consumers. When paying online, make sure the webpage address begins with //: https, examine the page carefully, and minimize the amount of personal information on social media websites as much as possible. Do not share the password with anyone and check and update the privacy and security settings constantly.

Online fraud
Alarbeed has instructed all bank card users to treat their cards exactly as they treat their funds in cash, especially online. Do not transfer or accept funds sent by unknown third parties to your accounts. Be aware of great offers when shopping online. Keep your mobile and computing devices always secure. Avoid using public computers or Wi-Fi for banking transactions.

General warnings for travelers
Al-Arbeed said that while traveling, the person should carry the cards they only need and always be vigilant when using the card. He must not carry out any transaction by telephone. He must make sure that he knows all the emergency telephone numbers of his bank and must immediately report the incident in case of theft or loss of the card.

In general, it is advisable to always ensure, when updating information, to contact the bank and to regularly check the details of the account statements and not to ignore any alert from the bank. He must report the incident to the police if the card is stolen or lost.

Parts of credit cards
Al-Arbeed mentioned that the customer should know the parties to the money transfer transaction when using credit cards. There are 5 parts: The bank issuing the card – The customer using the card – The merchant – The global organization carrying the brand of the card – The merchant’s bank receives the sales documents and follows the regulations of the member banks sums due on the card.


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