Regulatory Alerts2025-01-03
Added · Updated
Palestine Monetary Authority Circular No. 110: Criminal Method Used in Fraud
The Palestine Monetary Authority warns banks operating in Palestine about a new electronic fraud method involving social media conversations and fake postal service images promising prizes. The scheme requires victims to send small money transfers to cover customs or shipping fees for parcels shipped from outside Palestine, after which fraudsters cash the transfers and cut contact. Banks are required to periodically educate customers and staff on these fraud methods, display warnings in branches and on social media, and report incidents to the AML/CFT Department and relevant authorities.
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