SAMA clarifies reports on client's exposure to fraud

Saudi Central Bank Logo

The Saudi Central Bank (SAMA) said in a statement that it followed up on the recent social media reports about the exposure of a client to financial fraud.

The fraudster obtained illegal financing through using the personal information which the client disclosed.

In its statement, SAMA said it immediately formed a team to investigate the issue, and finally found that the financing entity referred to in the video is a company licensed recently by the central bank to practice the microfinance through using the financial technology. The company was accordingly directed to take the necessary corrective measures to prevent the occurrence of such crimes.

In addition, the central bank continues to complete the verification at all levels and take more precautionary measures. It stressed the necessity of not disclosing the personal data and information or sharing them with any party whose identity is not verified.

SAMA also confirmed that in case of discovering any suspicious operations, they should be reported as soon as possible to the competent security authorities as well as the central bank through this link: www.samacares.sa.