€93,000 Crypto Stolen: Security Lapse at The Kingdom Bank Raises Concerns

The Kingdom Bank is under fire after a security breach allowed an unauthorized party to steal over €93,000 in cryptocurrency from a client account. Despite advertising strong security measures, the bank’s system reportedly failed to implement crucial two-factor authentication (2FA) protocols during critical actions like password resets and fund transfers. 2FA was not enforced for these high-risk operations, allowing full account takeover without any security verification.