Financial Crime World

FRAUD ALERT ROCKS EGYPTIAN BANKING SCENE

Customers Warned of Phishing Schemes as Banks Take Precautionary Measures

In a shocking revelation, several major banks in Egypt have issued warnings to their customers about fraudulent activities that could lead to theft and unauthorized access to their bank accounts. This move comes after a string of phishing incidents targeting Banque Misr customers, resulting in the loss of millions of Egyptian pounds.

Warning Issued by Banks

  • Commercial International Bank (CIB), National Bank of Egypt (NBE), Housing and Development Bank, Arab African International Bank (AAIB) and other major banks sent text messages and emails to their clients warning them of potential fraudulent activities.
  • The warnings cautioned customers against providing personal or bank data to unknown individuals claiming to be bank employees or government officials.

Banque Misr’s Response

  • Banque Misr confirmed that it had taken all necessary precautions to protect its customers’ accounts.
  • In a statement, the bank explained that it had been sending out text messages and posting social media alerts warning customers about phishing scams.
  • The bank also urged customers to report any suspicious activities and took full responsibility for any stolen funds.

Chairman’s Statement

  • Mohamed El-Etreby, Banque Misr’s chairman, revealed that 13 fraud incidents occurred, resulting in the loss of EGP 2.7 million.
  • However, he assured citizens that their money was safe and that they should not be concerned.

National Bank of Egypt’s Warning

  • NBE emphasized the importance of customer vigilance, warning against providing personal or bank data to unknown individuals.
  • The bank stressed that it never requests sensitive information from customers via phone, website, social media or email.

Consequences and Response

  • The incident has sparked widespread concern among Egyptians, with many calling for stricter measures to prevent such fraudulent activities in the future.
  • As the investigation continues, one thing is clear: vigilance is key in preventing financial losses and protecting personal data.