Kuwait Finance House (KFH) conducted a banking experiment to assess the community’s financial literacy and share tips on the risks of financial fraud and how to avoid them. This social experiment is part of KFH’s support to the Diraya campaign, launched by the Central Bank of Kuwait (CBK) in cooperation with Kuwait Banking Association (KBA) and local banks.

The social experiment was held with students from CODED Academy in conjunction with the Kuwait Codes initiative. It focused on testing students’ banking knowledge to reinforce core financial awareness and highlight the types of fraud customers may encounter through various channels, including text messages, emails, phone calls, and social media accounts.

Students’ reactions varied but reflected strong interest. KFH emphasized that it will never ask its customers to provide personal or banking information via email, SMS, or phone calls. The Bank also urged customers to refrain from responding to such messages, which are usually attempts to obtain banking information to steal funds or personal data.

KFH also reminded the participants that fraudsters use AI-powered techniques and steal from vast data networks, such as online purchasing trails and behavioral patterns, to profile potential victims. They also exploit the rapid growth of digital payment methods and the shift of daily transactions to modern channels to lure customers into disclosing critical account information, enabling unauthorized access and theft through multiple methods.

To protect their banking accounts, KFH advised customers to never store confidential details, such as card numbers or PINs, on a mobile phone, never share the OTP with any third party, and to always log out of the bank’s mobile app or website immediately after completing a transaction.

As part of its continuous support for the Diraya campaign, KFH has succeeded in utilizing its digital channels to share messages and various awareness content. With their clear and valuable contents of KFH’s advanced services and products, these awareness messages generated strong engagement with the community and further supported the campaign objectives.