Iraqi Officials Report Electronic Fraud Threats to Bank Card Users

Electronic fraud presents a growing challenge in Iraq as the use of bank cards expands, targeting employees and retirees through false networks that exploit low digital awareness. These fraudulent operations utilize links, letters, and contacts from fake entities claiming loans or refunds to steal confidential data and codes. Security agencies are currently tracking these practices, but professionals indicate that existing laws are insufficient to control them effectively.

Technical expert Ali Mustafa states that Iraq’s banking environment is not fully secure due to poor compliance with global protection standards such as PCI DSS, SWIFT CSP, and Cyber Resilience. He notes that social media pages mimic official bank slogans to draw user data under the pretext of online purchases. This lack of adherence to established security protocols leaves financial transactions vulnerable to exploitation.

Anti-corruption activist Said Yassin Musa attributes the chaos surrounding electronic cards to several factors, including the alleged complicity of some financial management staff in checking invoices. He cites weak protection of account confidentiality and the misuse of information as additional contributing elements. Musa adds that some banks still lack technological development and that their efforts to launch awareness programs for clients remain limited.

Dr. Mustafa Akram Hantosh, a financial and banking expert, observes that digital fraud and routine banking issues threaten confidence in the banking system. He argues that these practices run counter to financial needs and undermine the stability of the sector. The expansion of the sector through global technical partnerships and the promotion of knowledge integration are seen as necessary steps to enhance safety and improve the flow of transactions.

The Prime Minister’s Financial Policy Adviser, Dr. Mazel tov Mohamed Saleh, reveals that the government is operating with regulatory tools and administrative regulations intended to guarantee the rights of companies and employees. He states that the government is confronted with fraud, organized economic crime, and corruption. Saleh warns that applying existing laws without modern and appropriate legislative frameworks to regulate smart payments will lead to further irregularities.

The integrity of financial institutions and the protection of public trust are central to the stability of any society. As institutions face the burden of safeguarding assets, the call for accountability and transparent governance becomes essential. Micah 6:8 reminds us that justice and humility are foundational to the proper administration of resources entrusted to the community.

Source: Read the original report (translated from Arabic)