Kuwait Finance House (KFH) conducted a social experiment to assess public awareness of banking practices and offer guidance on financial fraud, including common methods and preventative measures. This initiative aligns with KFH's commitment to social responsibility and its ongoing support for the Diraya campaign, an effort launched by the Central Bank of Kuwait (CBK) in collaboration with the Kuwait Banking Association (KBA) and local banks.

The experiment aimed to evaluate the audience's understanding of banking, particularly in the context of using the WAMD instant payment service. By examining this knowledge, the initiative sought to raise awareness about financial literacy and highlight potential fraudulent transactions that users of online apps and services could encounter.

KFH conducted the experiment in Kuwait University by asking the audience questions on the process they would follow in case they had received links from unverified sources that request them to receive or send money through WAMD service. KFH officials advised the audience that using WAMD to send or receive money must be through KFHOnline, urging them to refrain from clicking or using unknown links that might expose their banking data to theft.

KFH successfully utilized all its e-channels on social media platforms and its website, mobile app to disseminate awareness content. These endeavors amassed a significant interaction with customers due to the distinctive and useful contents of KFH’s advanced services and products.

In conjunction with the rolling out of its new digital services, KFH has released several awareness contents. These services include the first-of-its-kind instant credit and prepaid cards printing, WAMD instant payment in collaboration with KNET, transfers via Western Union network, AFAQ instant transfer service. KFH’s awareness efforts also encompassed explanatory videos on how to register a new user on the mobile app, cardless cash withdrawals, ATMs services in addition to how to benefit from KFHOnline financial solutions. These videos among other awareness posts are available on KFH’s social media channels (@KFHgroup).

In line with the continued awareness efforts, KFH is committed to participating in initiatives and forums that focus on raising banking awareness. These include its participation in the 5th Gulf Conference and Exhibition for Cybersecurity Challenges titled “A Secure Digital Environment”. During its participation, KFH shed light on the concept of fraud in general, with a specific focus on cyber fraud, explaining the various methods of fraud that pose a threat to both individuals and the community.