1. Licensed Financial Institutions shall implement robust fraud prevention and detection mechanisms to safeguard customers against unauthorized transactions, social engineering, identity theft, and other fraudulent activities. 2. The Central Bank may issue regulations setting minimum security standards for digital and traditional banking services, including but not limited to authentication protocols, transaction monitoring, and reporting obligations for suspected fraud. 3. Licensed Financial Institutions shall promptly notify affected customers of any security breaches or fraudulent incidents and take immediate corrective actions to mitigate damage. 4. The Central Bank may require Licensed Financial Institutions to submit data, reports, or other relevant information including transaction records, fraud patterns, and mitigation measures to monitor risks, prevent systemic fraud, and issue sector-wide directives. 5. Licensed Financial Institutions shall cooperate fully with the Central Bank’s investigations into fraud incidents and implement prescribed preventive measures within deadlines set by the Central Bank. 6. Without prejudice to the provisions of Article (147) of this decree-law, if reasonable concerns arise that suspicious or fraudulent transactions are being committed or have been committed by a specific customer, a Licensed Financial Institution may disclose documents or information related to the concerned customer to any other Licensed Financial Institution authorized to receive such documents or information only to the extent necessary for verification. 7. Licensed Financial Institutions shall provide clear, transparent, and easily accessible information on fees, terms, and risks associated with their products and services, ensuring customers can make informed decisions.
Interpretation and application must be checked against the official text and current version.