RIYADH: Saudi banks have launched a campaign to educate and raise awareness of their customers against the risks of financial and banking frauds in coordination with Saudi Arabian Monetary Agency (SAMA). The campaign constitutes the basic part of a continuous exercise and extended efforts by local banks to provide full protection to their customers and ensure highest standards of immunity and protection against any unauthorized attempts to compromise their savings and rights.
Run by the banking awareness committee of Saudi banks, the campaign aims to convey a clear and important message to the public that they should conduct their banking and financial businesses through legal channels only and must comply with the instructions issued by banks and competent authorities. They also have to verify the authenticity of all messages received and financial and banking businesses conducted, and guard against becoming victims of fraud.
“Most of the fraudulent acts committed against bank customers worldwide essentially take place due to ignorance and lack of awareness by bank customers,” Khalid Abu Obeid, head of banking awareness committee, said. “Disregard of protection procedures issued by banks to customers when conducting their business deals constitutes a major factor encouraging the spread and success of fraud, particularly the electronic fraud which is now the most sophisticated and fast growing one,” he added.
Bank customers must understand that banks cannot request any personal identifications through electronic messages at all, and therefore they (customers) have to satisfy themselves of the authenticity of the electronic websites of banks and other financial authorities and not to give any information over the phone unless the customer himself is the one contacting the bank,” he said.
Abu Obeid said that the response by customers to the frequent calls from banks to abide by their advice and instructions to protect their savings and finances is on the increase, which represents a good beginning toward the achievement of higher awareness level against fraud. Most people are still unaware of the huge damages caused by fraudulent acts on the personal as well as the official or public levels. In this connection, he lauded the efforts of SAMA for providing guidelines to fight various fraud attempts. SAMA rules and regulations constitute the most effective shield for protecting customer banks, citizens or residents, against the risks of fraud.
The methods most commonly used for banking and financial frauds include the electronic fraud, which is the largest percentage among fraud attempts and the most sophisticated and fast growing one since it uses computer, the Internet and electronic banking systems technology to commit frauds. Other methods of fraud involve the use of telephone calls, SMS, forgery and unauthorized transfer deals, and abuse of ATMs or credit cards and other processes involving currency counterfeiting, robbery, embezzlement, funny money offers and money laundering.