KIB Chair­man com­ments on dis­cov­ery of at­tempted fraud­u­lent trans­ac­tions

No loss to bank, cus­tomers • Fraud un­cov­ered by ad­vanced pro­to­cols

Kuwait Times - - LOCAL -

Kuwait In­ter­na­tional Bank (KIB) an­nounced that it has suc­cess­fully un­cov­ered a num­ber of at­tempted fraud­u­lent ATM trans­ac­tions which took place in the United States over the past few days, us­ing fake cards repli­cated from the cards of 22 ex­ist­ing cus­tomers.

In a state­ment, Sheikh Mo­ham­mad Al-Jar­rah Al-Sabah, Chair­man of KIB, an­nounced that upon dis­cov­er­ing the at­tempted fraud, KIB im­me­di­ately took all nec­es­sary ac­tions and co­or­di­nated its ef­forts with all the rel­e­vant au­thor­i­ties - in­clud­ing Visa In­ter­na­tional - in or­der to trace the source of the repli­ca­tion.

Jar­rah said in his state­ment that ow­ing to KIB’s ad­vanced anti-fraud pro­to­cols and state-of-the-art IT sys­tems, nei­ther the Bank nor any of its cus­tomers suf­fered any fi­nan­cial loss as a re­sult of these fraud­u­lent trans­ac­tions, which were all iden­ti­fied and re­jected im­me­di­ately.

Jar­rah fur­ther noted that through dili­gent in­ves­ti­ga­tions, KIB was able to iden­tify the sin­gle ATM where the repli­ca­tion equip­ment had been in­stalled. There­after, and in ac­cor­dance with the in­struc­tions of the Min­istry of In­te­rior, the Bank’s sur­veil­lance cam­era net­work was up­graded, which led to the per­pe­tra­tors be­ing cap­tured on video. KIB is cur­rently in the process of pur­su­ing le­gal ac­tion against these of­fend­ers, ac­cord­ing to the Chair­man.

It serves to note that KIB has al­ways main­tained the high­est lev­els of safety and se­cu­rity, and the Bank sim­ply does not com­pro­mise when it comes to the pri­vacy and con­fi­den­tial­ity of its cus­tomers. KIB uses the lat­est an­tifraud pro­to­cols and 24/7 video sur­veil­lance sys­tems, in or­der to en­sure safe and se­cure trans­ac­tions at all of its ATMs across Kuwait.

Jar­rah ended by not­ing that KIB is cur­rently in the process of tak­ing le­gal ac­tion against all those who have sought to cir­cu­late a video per­tain­ing to the in­ci­dent, with the clear in­tent of harm­ing not only the Bank’s rep­u­ta­tion, but that of Kuwait’s econ­omy and bank­ing in­dus­try as well.

KIB Chair­man Sheikh Mo­ham­mad Al-Jar­rah Al-Sabah

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