Regulatory Alerts2025-01-01
Circular No. 2025/180: Criminal Method Used in Fraud
The Palestine Monetary Authority issued Circular No. 2025/180 to alert banks and customers about a new fraud scheme where criminals impersonate bank staff to extract One-Time Passwords (OTP) under the guise of stopping unauthorized transactions. The regulator mandates that banks must continuously educate clients on these risks through periodic awareness campaigns and materials distributed across branches and social media. Additionally, banks are required to report any newly discovered fraud methods and patterns to the Authority's Anti-Money Laundering and Counter-Terrorism Financing Department.
Share