Regulatory Alerts2021-10-25
Added · Updated
Central Bank of Jordan Circular on Protecting Customers from Electronic Fraud via OTP
The Central Bank of Jordan requires all banks operating in the Kingdom to include the transaction amount in One-Time Password (OTP) messages sent to customers. Additionally, banks must periodically educate customers about the risks of sharing OTPs with others. These measures are mandated to protect customers from electronic fraud involving financial prizes and deception.
In the name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 127/1/1609 Date: 17/2/1443 AH Corresponding to: 24/10/2021 AD
Circular to all banks operating in the Kingdom
Greetings,
In light of the recent increase in electronic fraud cases, where citizens receive messages through various communication channels stating that they are waiting for financial prizes. Among the messages received by customers are requests for their One-Time Password (OTP). Since this number is often linked to authorizing the bank to complete financial transactions on behalf of the customer, and considering that most customers may not realize the financial repercussions resulting from providing their (OTP) to others.
Therefore, and to protect customers from fraud and electronic deception, you are required to do the following:
- Include in the (OTP) message sent to the customer the amount that will be paid if this number is used and/or provided to others.
- Periodically educate customers, through appropriate methods, about the risks of providing (OTP) to others.
Please accept our highest respect,
[Signature] Governor Dr. Ziad Fries