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Pictured: Managing Director and CEO of KSL, Greg Pawson (Supplied Image)

Kina Securities Limited (KSL) stated that the fraudulent transactions were linked to a funds transfer process that has now been corrected from KSL’s 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.

This was elaborated on in a statement released this afternoon.

KSL highlighted that 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.

Managing Director and CEO of KSL, Greg Pawson said, “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.” Mr. Pawson said.

 “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,” he added.

 “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,” Mr. Pawson further assured.

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

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