Saudi Arabia ‘has one of world’s lowest bank fraud rates’

Talat Zaki Hafiz, Saudi Banks spokesman, with Turki Ibrahim Al-Sayari and Wael Abdullah Al-Amoudi at Thursday's press conference in Riyadh. (AN photo)
Updated 24 November 2017

Saudi Arabia ‘has one of world’s lowest bank fraud rates’

RIYADH: Bank fraud is low in the Kingdom compared to rising rates in other countries, Saudi Banks, the nation’s association of bankers, said on Thursday.
While money transfer fraud, ATM and online banking fraud have become a worldwide threat, prudent banking measures meant the country had one of the world’s least-registered rates of financial fraud, a Saudi Banks spokesman said.
Talat Zaki Hafiz, the secretary-general of the media and banking awareness committee for Saudi Banks, was speaking at the launch in Riyadh of the ninth public awareness campaign, “Mo_Alaina”, about the risks of financial and banking fraud.
“This campaign is basically aimed at educating the public about the techniques of banking fraud, how to deal with it and avoid it by being cautious while using an ATM or making online transactions,” he said.
“In doing this we are not trying to scare people, but just alerting them to banking fraud. We have had some cases reported in the Kingdom which we need to avoid, for example an unknown person asking to transfer money to an unidentified account saying he has no account.” 
“If you take the number of total transactions taking place on a daily or a yearly basis, the number in the Kingdom is in the acceptable range, especially if you compare it to the global standard,” he said.
Hafiz said that financial fraud was on the rise and had become a costly burden to the world economy. In 2016, financial fraud cost companies around the world 5 percent of their annual revenue — $6.3 billion annually.
Ibrahim Saad Abu Muti, head of the banking information and awareness-raising team at Saudi Banks, said that this year’s campaign will deal with fake and unlicensed investments.

 


Fifth Jeddah International Book Fair opened by Makkah governor

Updated 12 December 2019

Fifth Jeddah International Book Fair opened by Makkah governor

JEDDAH: Prince Khalid Al-Faisal, the governor of Makkah, officially opened the fifth edition of the Jeddah International Book Fair on Wednesday.

The prince toured the event, at which 400 publishing houses from 40 countries are taking part, and honored three renowned figures from the local literature and media scenes: Dr. Hashem Abdo Hashem, the former editor in chief of Okaz newspaper; writer Abdel Fattah Abu Madian; and writer Meshaal bin Muhammad Al-Sudairy.

Prince Mishaal bin Majed, the governor of Jeddah and chairman of the exhibition’s Higher Committee, thanked Price Khalid for his support of the fair since it was founded. He also expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for their great support.

He added that the success of the event is the result of the hard work of a number of organizations. In particular, he wished the Ministry of Culture continued success in organizing the fair as part of its efforts to develop culture in the Kingdom as one of the pillars of Saudi Vision 2030.

Other VIP guests and dignitaries at the inauguration of the fair included Prince Badr bin Sultan, the deputy governor of Makkah; Prince Saud bin Abdullah, adviser to the governor of Makkah; and Prince Khalid bin Mishaal, deputy governor of Jeddah.

The book fair continues at Land of Events in South Abhur until Dec. 21.