Financial fraud cases halved in Saudi Arabia during 2017

17/09/2018 Argaam

 

Cases of financial and banking fraud in the Kingdom have halved in 2017 to 2,046 compared to 4,275 cases a year earlier, Talaat Hafez, Secretary General of the Media and Banking Awareness Committee of Saudi Banks, said in a press conference.

 

Financial fraud has amounted to SAR 214 million last year versus SAR 520 million worth of fraudulent activities in 2016, he said, adding that 2017 figures mostly include fraud attempts.

 

Saudi Arabia maintains its position as one of the least countries with fraud records, due to its solid banking legislation structure and its advanced technologies, in addition to the proactive solutions it adopts as per the directions of Saudi Arabian Monetary Authority (SAMA) including awareness initiatives.

 

A new initiative aiming at raising awareness on banking and financial fraud will be launched this season, he added.

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