March 14, 2023 banking

CBK requires banks to activate OTP even worth 100 fils

KUWAIT CITY, March 13: The Central Bank of Kuwait directed banks to cancel the minimum amount for online purchases for value-store services, foremost of which are balance recharge operations without the need for a verification code, as it has become obligatory for banks to activate the (OTP) code for such operations even if it was worth 100 fils, reports Al-Rai daily. The operations include purchasing applications and games on the Internet and “itunes”, and other purchases of balance cards, noting that the CBK decided during the Corona pandemic to raise the limit for remote payment operations (TAP) from 10 to 25 dinars.

The sources indicated that the supervisory move in this regard was motivated by reducing the risks of exposure of bank customers to any loopholes, which may constitute an outlet for falling into the trap of electronic fraud, especially after the growth of “hackers” fraud in the last period. The sources revealed that the banks were unable to recover the majority of the amounts that were hacked during the past two months, which exposed a segment of customers to fraud, and they registered complaints in this regard, explaining that the reason behind this is due to the fact that these customers delivered the one-time verification code (OTP) to the hackers. This enabled them to control their accounts before the bank intervened and suspended their cards.


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