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.
PALESTINE MONETARY AUTHORITY
Circular No. (110 / 2025) To all banks operating in Palestine Date: Wednesday, 03 September, 2025
Subject: Criminal Method Used in Fraud
The Palestine Monetary Authority urges banks 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 conducting conversations with citizens via social media platforms and sending communications supported by images of well-known postal services, with the aim of deceiving victims into believing they have won gifts and cash prizes in the form of express parcels shipped from outside Palestine. Completing the process to receive these prizes requires the victim to do the following:
- Send a small money transfer to a person residing abroad, as specified by the fraudster, in exchange for paying customs or shipping and delivery fees associated with sending and delivering those parcels.
- Provide the fraudster with an image of the receipt for the required money transfer, after which the fraudster immediately cashes the transfer and then cuts off communication with the victim.
The Palestine Monetary Authority emphasizes the continued periodic education of customers and citizens regarding fraud methods and prevention measures, and the dissemination of this information in bank branches and offices, as well as through the bank's social media channels. Banks must also report fraud incidents to the Anti-Money Laundering and Combating the Financing of Terrorism Department at the Palestine Monetary Authority, and notify the competent authorities in accordance with due process.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
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