Regulatory Alerts2025-01-01
Circular No. 22/2025: A Criminal Method Used in Fraud
The Palestine Monetary Authority issued Circular No. 22/2025 to instruct payment service companies to alert clients and citizens about a newly emerging electronic fraud method involving fraudsters impersonating charitable associations. The circular requires these companies to verify that customers provide accurate account details, payment card images and numbers, PINs, and verification codes when receiving shopping vouchers or food parcels via phone or social media. Furthermore, payment service companies must maintain periodic customer awareness campaigns, disseminate fraud prevention information through their official social media channels, and promptly report all fraud incidents to the Authority’s Anti-Money Laundering and Counter-Terrorist Financing Department and relevant authorities.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (22 / 2025) To all payment service companies operating in Palestine Date: Monday, October 06, 2025
Subject: A Criminal Method Used in Fraud
The Palestine Monetary Authority calls upon payment service companies to exercise caution and work on raising awareness among clients and citizens regarding a newly emerging criminal method in electronic financial fraud, which consists of fraudsters impersonating one of the charitable associations and contacting citizens via telephone or social media to obtain for them shopping vouchers and food parcels provided by the association as assistance under current circumstances, and that it requires the victim, to complete receiving the assistance, to provide the caller with their necessary account details for accessing the electronic payment application, as well as images and numbers of payment cards, PINs, and verification codes.
Furthermore, the Palestine Monetary Authority emphasizes the continued periodic awareness of clients and citizens regarding fraud methods and prevention measures, disseminating this through the company's social media channels, and also working to report fraud incidents to the Anti-Money Laundering and Counter-Terrorist Financing Department at the Palestine Monetary Authority, and notifying relevant authorities in accordance with procedures.
Supervision Group Palestine Monetary Authority