OREANDA-NEWS. September 03, 2014. Recently, several articles are being published in media on the case of misusing POS terminal and committing fraud in KICB. I would like to inform our valued customers that the fraud was committed by well-planned and highly skilled criminal group.

The incident occurred because one merchant breached contractual agreement with the bank and collaborated with fraudsters by allowing criminal group using his POS terminal machine.

Since each fraudulent transaction related to this incident was approved by the card issuing bank in USA, the incident was not revealed earlier. KICB jointly with the support of VISA International detected these transactions in time and stopped the criminal to succeed in further transactions. The bank minimized the loss by taking timely actions jointly with the VISA International.

The bank immediately reported the incident to the NBKR as well as to Law Enforcement Agencies in order to prevent similar attempts. The complete details of this incident will be disclosed in full as soon as Law enforcement agency will finalise the investigation.

We would like to inform our valued customers that this is an isolated case. The internal systems and security of the bank are very well protected and functioning and this incident did not impact any of customers in the bank as the fraud is not related to the bank accounts but it related to misuse of POS terminal machine. Also, the potential loss amount due to this incident is negligible as compared to the overall strong financial position of the bank.

I would like to thank to our valued customers for the continued trust and support to KICB. Management and staff of KICB are committed to serve our valued customers under professional and transparent manner.