Log In

Kina Securities Limited (KSL) acknowledges a recent customer fraud incident. As of 18th June 2024, and following the appropriate financial and regulatory disclosure processes, Kina has issued official statements to the ASX, PNGX and BPNG bringing to their attention the situation and actions Kina has taken to address this.

The fraudulent transactions were linked to a funds transfer process that has now been corrected from the KSL end. The number of accounts linked to the fraudulent activity is very low and the investigation is primarily focused on the actions of one customer.

Managing Director and CEO of KSL, Greg Pawson says, “We’re treating this fraudulent activity very seriously and we’ve worked through the process to correct the underlying issues, while we also focus on recovering losses. I want to make it clear that our business takes fraudulent activities very seriously and we have worked swiftly to ensure this event is prevented from happening in the future.”

“I want to ensure the public knows that Kina was not hacked and there have been no instances of cyber-attacks or cyber fraud. The situation is connected to fraudulent bank transactions. As well as informing the ASX, PNGX and BPNG we’ve also reported the matter to the police department and are working closely with them. Over the coming period we will continue to provide updates to BPNG and other key stakeholders,” says Greg Pawson.

As dual dual-listed bank in Australia and Papua New Guinea, KSL has ensured all financial and regulatory reporting has been updated to fact or in the situation.

“I want to reassure all of our customers that the fraudulent activity is linked to a very small number of accounts that have been linked to the fraudulent transactions. Our customer data and customer accounts are safe,” says Greg Pawson.

KSL will continue to work on bolstering all systems and processes to prevent this event from occurring again.

The business is focused on delivering a best-in-class banking experience for all Papua New Guineans. In doing so, KSL will continue to invest in developing new products and services to provide our customers with accessible, reliable and convenient banking solutions.