Financial fraud weakens citizens’ trust in banks.

Cases of online financial fraud are on the rise in the country, with citizens being targeted by fake calls and links that trick them into transferring their money to fraudulent accounts. This is what happened to Ayman, an employee at a private company, who lost 1.6 million dinars in minutes. Money exchange office owners in Baghdad confirmed that a lack of security awareness and citizens’ impatience make them easy prey for fraudsters who quickly transfer funds to multiple accounts. Dr. Ammar Al-Ithawi, a professor of cybersecurity at Al-Nahrain University, explained that these crimes rely more on psychological manipulation than technical vulnerabilities, noting that fraudsters use fake links or impersonate government officials to convince victims to transfer money.

Regarding funds, Alaa Al-Fahd, a member of the Central Bank’s media office, explained that the bank has strengthened its electronic security systems, issued alerts to banks, and participated in awareness campaigns and the pursuit of suspicious websites, emphasizing that recovering funds is only possible with very early reporting. Legal expert Mohammed Jumaa points out that outdated legislation does not cover modern cybercrimes, calling for updating laws to keep pace with developments. Economic expert Mustafa Al-Faraj affirms that the persistence of electronic financial fraud harms confidence in the banking system and hinders the transition to a digital economy.

Alsabaah.iq