Local banks did not suffer any direct material loss from the recent attempt by an Iraq-based gang to defraud and blackmail them, according to Joseph Torbey Chairman of the Association of Banks.
He said that these attacks did not result in any capital withdrawals from the banking system.
"The main perpetrators have been incarcerated and law enforcement agencies are working to arrest their accomplices. It is the banks that are now waging a counter-attack on these gangs," Torbey said....
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