SAMA takes precautionary measures to protect bank customers from fraud

Logo of Saudi Centeral Bank

The Saudi Central Bank (SAMA) urged banks operating in the Kingdom to implement some precautionary measures to protect clients from financial fraud.

The move comes under the Saudi Central Bank Law that aims to support the banking sector’s stability and enhance customer confidence.

The central bank indicated that such precautionary measures were taken in light of the increase in fraudulent websites and social media accounts, in addition to the continued financial fraud cases that target bank customers in various ways.

Accordingly, SAMA took urgent and temporary measures to suspend some services, such as opening accounts online and setting limits for the daily transfers of individuals and individual institutions at a maximum of SAR 60,000. However, customers are allowed to request raising this limit from the bank.

SAMA urged customers to take precautions against such frauds and not to disclose their banking or personal data, while ensuring the reliability of the websites they deal with.