Regulatory Alerts2025-01-01
Circular No. 2025/34: Criminal Method Used in Fraud
The Palestine Monetary Authority issued Circular No. 2025/34 to warn payment service companies about a new fraud scheme where criminals impersonate company staff to trick customers into revealing OTP codes. The regulator requires companies to maintain continuous customer awareness campaigns regarding fraud prevention and to report any newly discovered fraud patterns to the Anti-Money Laundering and Combating the Financing of Terrorism department. This directive aims to protect consumers from financial loss by ensuring prompt detection and reporting of such criminal activities.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2025/ 34)
To all payment service companies operating in Palestine
Date: Sunday, December 28, 2025
Subject: Criminal Method Used in Fraud
The Palestine Monetary Authority urges payment service companies to exercise caution and work to raise awareness among customers and citizens regarding a new criminal method used in electronic financial fraud. This method involves fraudsters impersonating employees of electronic payment service companies and contacting customers by phone to inquire about payment transactions for purchases from online stores that were attempted to be executed using payment cards issued to them. The fraudster attempts to convince the victims that the purchases in question are attempts at electronic financial fraud, and that it requires the customer to provide the caller with the verification code (OTP) received on their mobile phone so that the company can complete the procedures to stop the payment card used in the fraud and issue a new one in its place.
The Palestine Monetary Authority emphasizes the necessity of the following:
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Continuing to raise awareness among customers and citizens periodically about fraud methods and ways to prevent them, and working on preparing and designing awareness brochures and videos on the subject, and publishing them through the company's social media channels.
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Reporting to our Anti-Money Laundering and Combating the Financing of Terrorism department the methods and patterns of fraud that have been discovered and are newly emerging.
Supervision Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps