Hackers Target Kuwaiti Shopping Sites: A Surge in Bank Fraud Cases

Kuwaiti banks are facing a rise in bank card fraud where hackers exploit local shopping websites. Victims unknowingly enter card details on compromised sites, leading to unauthorized international transactions. There is a conflict regarding accountability between banks, which claim victim error, and consumers who argue security failures and misleading site information. Increased vigilance and security improvement are essential to address this growing threat.

Kuwaiti banks have reported a significant increase in customer complaints regarding advanced bank card hacking. Fraudsters are exploiting legitimate shopping websites in Kuwait, allowing them to execute unauthorized transactions and drain accounts rapidly, often through withdrawals originating from international locations like Italy, while the victims remained unaware in Kuwait.

The fraudulent activity typically begins when consumers make contactless smart payments on compromised websites. Following a failed transaction prompt, consumers unwittingly re-enter their card details, leading to unexpected withdrawals from their accounts days later. The scam reflects an evolving threat in which vulnerabilities of local e-commerce platforms are increasingly exploited by fraudsters.

Fraudsters meticulously harvest card data in this manner. By utilizing the obtained information, they execute multiple withdrawals, usually maxing out the permissible limits on the victims’ cards without raising immediate suspicion. Consequently, by the time customers notify banks of the issue, substantial amounts of money have already been siphoned off.

There exists a contentious environment between banks and victims over accountability. Banking representatives state that customers are culpable for security breaches by sharing their one-time passwords (OTPs). They contend that banks are not responsible for recovering losses since the transactions appeared legitimate. Conversely, the victims assert that they adhered to payment protocols and had no awareness of the compromised websites. Furthermore, they highlight issues such as misleading advertisements regarding payment service capabilities, which they believe indicate the presence of malicious code on the sites.

As this persistent issue continues, consumers must be mindful of measures to protect their personal bank information. Being cautious with online transactions, verifying website security, and regularly monitoring account activity can substantially reduce the risk of falling prey to such scams. This increasing trend of bank card fraud underscores the importance of systemic improvements in cybersecurity among e-commerce platforms and banking institutions.

In conclusion, a new form of bank card fraud has emerged in Kuwait, targeting customers via legitimate shopping websites. The complexity of this scheme poses significant challenges for both consumers and banks in terms of accountability and protection. While victims strive to safeguard their funds, the banks maintain their stance regarding responsibility for losses, leading to a need for improved security measures on e-commerce platforms to protect consumers effectively.

Original Source: www.arabtimesonline.com