Banks and financial fraud


Al-Riyadh newspaper

LAST week, Saudi banks launched their annual awareness campaign on financial fraud and prevention, entitled "No to fraud" in its ninth edition under the banner of "#not_us".

This year's campaign is aimed at enhancing the knowledge of the bank's customers of the optimal and safe use of electronic banking channels, as well as informing them of the most prominent forms of financial and banking fraud, and ways of preventing them.

The campaign also aimed to inform banks' customers of the procedures and steps, including the precautionary measures to be taken when a financial fraud occurs, both domestically and internationally, since financial frauds are increasing as a result of widespread modern and sophisticated technologies such as social networking sites, the Internet, e-mail and others that have facilitated fraudsters to reach the largest possible segment of their victims.

It also helped to spread the ways and means of financial fraud, the deception of fraudsters and unfortunately to employ the latest technologies such as computers, scanners, laser printers, copiers and various programs in the implementation of their fraudulent and criminal activities, especially those associated with fraud and counterfeiting.

In their awareness campaign, the Saudi banks have warned of frauds of money from four fraudulent methods, summarized in fake investment offers marketed and promoted by informal and unregistered investment institutions and companies both in and outside the Kingdom, as well as fake employment, fake and unlicensed hiring with the aim of fraud and fraud by requesting recruitment fees from the victim. Finally, banks cautioned against transferring any money to unknown individuals or institutions.

Saudi banks have confirmed that their implementation of awareness campaigns on financial and banking fraud each year does not necessarily mean that the financial system in general and the banking system in particular in the Kingdom are suffering from appalling and disturbing fraud. Especially under the precautionary measures taken by the Kingdom, which made it one of the world's least countries with registered financial frauds, despite detected cases of bank fraud using Twitter to promote and market paying debts and granting funding from non-regular entities and individuals, which numbered 458,000 accounts.

Saudi banks count on the success of the campaign in their contribution toward spreading financial awareness in society, ensuring an environment lacking violations and illegal banking and financial practices.