ANALYSIS OF IRAQ NEWS: CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE : CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD BY DINAR REVALUATION , 14 AUGUST

CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE :  CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD

In response to what Al-Zaman published on its front page in previous issues, the Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively.

Al-Zaman reviewed a document titled “Travelers’ Dollar Reservation” signed by the bank’s Deputy Governor, Ammar Hamad Khalaf, which stated: “Due to the spread of fake pages on social media bearing the names of banks and exchange companies licensed by the bank, these platforms defraud citizens by publishing a fake link linked to these platforms to complete the process of purchasing the dollar currency for travelers and misleading citizens for the purpose of uploading their information, account number or card and their identification documents, and after completing the entry of information into the platform, a message is sent via the WhatsApp application requesting the transfer of the amount to be purchased.”

ANALYSIS: 

It looks like the Central Bank is taking a significant step to address fraud related to the purchase of dollars for travelers. By requiring all transactions to be completed in person, they're aiming to protect citizens from scams perpetrated through fake online platforms. Here’s a breakdown of the situation:

1. Cancellation of Electronic Application: The Central Bank has decided to cancel the electronic application process for purchasing travelers’ dollars. This move is in response to fraudulent schemes where scammers created fake websites mimicking legitimate banks and exchange companies.

2. Fraudulent Schemes: Scammers were using these fake platforms to trick people into entering sensitive personal information, including account numbers and identification documents. They would then send fraudulent messages via WhatsApp, asking victims to transfer money under the guise of completing their dollar purchase.

3. In-Person Transactions: To counteract this, the Central Bank now mandates that all transactions for purchasing dollars must be carried out in person at authorized banks. This measure is intended to reduce the risk of fraud by ensuring that transactions are handled directly and securely.

4. Document Details: The document reviewed by Al-Zaman, titled “Travelers’ Dollar Reservation,” was signed by Ammar Hamad Khalaf, the Deputy Governor of the Central Bank. It outlines the reasons for this new policy and aims to inform and protect citizens from the identified fraud risks.