PIF warns against fraudsters

November 22, 2020

Saudi Gazette report

JEDDAH — The Public Investment Fund (PIF) renewed its warnings to the public against falling victims to suspicious calls and messages made by unscrupulous guys impersonating the fund’s name, with the aim of seeking funds or money transfers in a fraudulent way.

In a third warning issued within three months, the Kingdom’s sovereign fund stressed the need to report such cybercrimes through the mobile application “Kollona Amn” (We are all security) saying that PIF is not providing any direct services to individuals.

Kollona Amn app was launched by the Ministry of Interior to help protect individual privacy. The app allows users to make an official complaint if they believe their privacy has been violated, and the violators could face penalties of up to one year’s imprisonment or a fine of SR500,000.

In earlier statements issued on Aug. 30 and Nov. 2, PIF had warned individuals against giving any personal information or banking data in response to any calls, messages, websites, or accounts impersonating the fund’s name with the purpose of financial fraud. It also called for obtaining information from its official sources only.

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