Authorities Warn of Scams Linked to Money Transfers and Trading Platforms

KUWAIT CITY, May 9: Central Bank of Kuwait has warned the public against falling victim to online financial scams involving fake investment opportunities and suspicious money-transfer schemes that could expose individuals to fraud and money laundering activities.

In a public warning, the Central Bank said scammers may lure victims through social media channels and messaging platforms by promising quick financial returns on small amounts of money.
According to the warning, fraudsters often use anonymous accounts to circulate funds between multiple individuals before asking victims to transfer larger amounts through trading platforms or other channels designed to avoid suspicion

The bank cautioned that such operations may constitute forms of money laundering and urged residents not to engage with any suspicious investment offers or unofficial financial schemes.
Authorities advised the public to avoid dealing with unknown individuals or unlicensed platforms that promise unrealistic profits, stressing the importance of verifying the legitimacy of any financial activity before transferring money.