Fraudsters are increasingly using sophisticated tactics to deceive individuals into unknowingly opening electronic bank accounts for fraudulent activities, including money laundering.

Target Groups: Students and Vulnerable Individuals

The fraudsters primarily target students and individuals with limited awareness of financial security measures, exploiting their lack of knowledge to open illicit accounts.

The Role of Authentication Services in Fraudulent Activities

Hackers are using authentication services to gain access to victims’ data and exploit their accounts for criminal purposes. Victims are unaware that their accounts are being used for money laundering.

WhatsApp Scams: A New Threat in Financial Fraud

WhatsApp scams are on the rise, where fraudsters hack accounts and exploit contacts by sending fraudulent payment requests or using personal data for extortion.

Coordinated Efforts by Authorities to Combat Fraud

The Central Bank of Kuwait, in collaboration with local banks and the Kuwait Banking Association, is taking steps to combat financial fraud and raise awareness among the public.

Key Steps in Fraudulent Operations

• Deceiving victims into opening electronic accounts through fraudulent means.
• Exploiting the speed of account creation for illegal activities.
• Using unrelated phone numbers linked to victims’ accounts.
• Unwitting involvement of victims in money laundering.

Preventive Measures and Awareness Campaigns

To prevent such scams, authorities are implementing stricter security measures and launching awareness campaigns to educate the public on how to avoid falling victim to these fraudulent schemes.