RIYADH - The Saudi Central Bank affirmed that banks operating in the Kingdom should implement a number of precautionary measures to combat financial fraud and protect those dealing with banks, based on the objectives of the central bank system related to supporting the stability of the banking sector and enhancing confidence in it, and based on the tasks and powers entrusted to it, including setting instructions And procedures to protect bank customers, and to take appropriate measures and measures to reduce the commission of crimes related to customers.
He pointed out that taking these additional precautionary measures came based on what was observed of the increase in fraudulent websites and social media accounts, in addition to the continuation of cases of financial fraud targeting bank customers in various ways and means such as social engineering, through which the fraudster deludes the customer that he is dealing with official or private entities or trusted individuals, and to obtain their private data; This results in providing financial fraud gangs with access data to the bank account and verification code, and then carrying out financial frauds on customer accounts.
The Central Bank stated that it had taken urgent and temporary measures related to the suspension of some services, such as opening accounts remotely, and setting limits for the total amounts of daily transfers to the accounts of individuals and individual institutions, not exceeding the amount of sixty (60) thousand riyals, and the customer can request to raise this limit from the bank, and other Measures that enhance anti-financial fraud measures, which essentially contribute to the protection of the client, in addition to the previously issued instructions and statutory requirements related to combating financial fraud.
The Central Bank stressed to bank customers the need to take precautions and caution against these fraudulent operations, and not to neglect the disclosure of bank and personal data, such as secret numbers and verification codes for any person or entity, with the importance of ensuring the reliability of the websites dealing with them.