Central bank warns of misuse of cards abroad
BAGHDAD, January 25 – The Central Bank of Iraq has issued a stern warning regarding the misuse of electronic cards belonging to retirees and employees outside of Iraq, as well as the rise of fraudulent websites seeking to illegally obtain card information.
In a detailed statement, which was made available to the 964 network, the Bank expressed serious concerns about these practices and their negative impact on Iraq’s financial and banking sectors. The Bank noted, “It has been observed recently that electronic cards are being misused abroad and within short periods, adversely impacting the financial and banking sector and its clients in the Republic of Iraq.”
The misuse of these cards, according to the Bank, was identified through “reports of specialized security agencies, our supervisory measures, and the Anti-Money Laundering and Terrorism Financing Bureau.” The statement highlighted that the misuse involved “electronic cards of employees with domiciled salaries, retirees, and social care cards.”
The Central Bank also reported that a number of these cards have been referred to the Supreme Judicial Council for legal action under the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, and that public sector employees implicated have been referred to the Integrity Commission.
Addressing the issue of fraudulent websites, the Bank warned, “Beneficiaries of electronic payment services [should be wary of] fake pages that have recently emerged, luring citizens to obtain their card information in return for invalid promises of providing services.”
The Bank stressed the importance of using official applications provided by the card issuing entities for any service.