Posted by : Aahil Shaik Friday, April 8, 2022

Saudi Central Bank announces new measures to prevent Financial frauds and to protect Customer bank accounts

Many bank customers in the Kingdom of Saudi Arabia have fallen for financial fraud, especially after the spread of electronic payment methods, as some customers were surprised of withdrawn of money from their bank accounts, making purchases from unknown sites, which leads the Saudi Central Bank (SAMA) to take a new measures in order to protect its customers from financial fraud.

The Saudi Central Bank announced that it had taken several new measures to protect bank customers from financial fraud and to protect all dealers with Saudi banks, starting from 10th April 2022. The new measures are urgent and temporary and they are as follows.

* Suspension of opening new bank accounts for customers through online platforms until further notice. Trending : Airport express transportation service between Jeddah Airport and downtown Jeddah

* The maximum daily transfer amount for all accounts of individuals and institutions is limited to 60,000 riyals online.

* Customers can request to raise the maximum daily transfer limit from the bank, as well as take all necessary measures to reduce the commission of crimes and financial fraud.

* Non-Saudi customers will no longer be able to add money transfer beneficiaries online. Instead they have to do it in person.

* Transit time for domestic transfers will be 2 hours while it will be 24 hours for international transfers.

* Saudi Banks need to warn customers and the necessity of caution in case of these fraudulent operations, highlighting not to divulge and neglect any bank or personal data, and to deal with data of secret number and verification codes with caution. Most Viewed : Largest expansion project in the history of Quba mosque announced

* Ensure the level of trust and security of websites before making any transfers or purchases through various platforms.

- The Central Bank in its statement said, a noticeable increase in the number of financial frauds operations were observed, targeting bank customers in different ways. Specifically impersonating a responsible party and persuading the customer to disclose his private bank data, such as security codes and passwords, which allows fraudsters to easily access and seize bank accounts. Join Saudi Expatriates channel on imo (Limited to imo mobile app)

Saudi Central Bank announces new measures to prevent Frauds, to protect Customer bank accounts -

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