Saudi Bank customers warned of online fraudsters

Saudi Banks has warned customers not to respond to such fraudulent emails. (Shutterstock)
Updated 15 July 2019

Saudi Bank customers warned of online fraudsters

  • Those indulging in fraudulence will be fined up to SR2 million ($530,000) or given sentences of up to 3 years in prison

RIYADH: Fraudsters are now applying innovative ways to cheat people via email.

They used to make mobile calls and send texts or messages via WhatsApp, but now they are sending emails bearing bank logos and asking users to update accounts, even seeking personal information.

The banking service organization Saudi Banks has warned customers not to respond to such fraudulent emails.

Talat Zaki Hafiz, secretary-general of the committee on information and banking awareness of Saudi Banks, said: “Saudi Banks has repeatedly warned customers against responding to a series of emails that have recently appeared from anonymous sources with local bank logos.”

It has issued security alerts telling customers not to update their bank accounts in response to fraudulent email messages pretending to do system maintenance or to letters claiming to be from official or public names, requesting funds or donations, he told Arab News.

Hafiz said that Saudi Banks has no role in pursuing and tracking the source of these fraudulent messages. However, the Communications and Information Technology Commission (CITC) has allocated the number 330330 for notifying the authorities, who will act quickly.

Those indulging in fraudulence will be fined up to SR2 million ($530,000) or given sentences of up to 3 years in prison. A spokesman for Saudi Banks said there were no statistics on the number of phishing messages received by customers, as some people did not report them.

He expressed confidence in the awareness of customers and their active participation with relevant authorities to address such issues.

Telecom providers, including Saudi Telecom Co., have also warned their customers to ignore such messages and not to share personal details. 

A warning was also issued by the STC for customers to avoid logging on to their banks online via public Wi-Fi hotspots, calling on users to disable data sharing on their devices as a precautionary measure.

Riyadh governor opens high-profile Saudi economic forum

Updated 34 min 51 sec ago

Riyadh governor opens high-profile Saudi economic forum

RIYADH: A high-profile conference to tackle some of the main challenges facing the Saudi economy was on Tuesday opened by Riyadh Gov. Prince Faisal bin Bandar.

Speaking at the opening session of the influential three-day Riyadh Economic Forum (REF), the prince praised the Saudi business community for its cooperation with the government in helping to strengthen the country’s economic fortunes.

The ninth edition of the forum, being held under the title “Human-Centered Economy,” will discuss some of the key future economic issues confronting the Kingdom.

Thanking King Salman for his patronage of the event, vice chairman of Riyadh Chamber and chairman of the forum’s board of trustees, Hamad Al-Shuwaier, said important recommendations linked to the Vision 2030 plan would be announced during the gathering.

These would be related to the areas of public finance reform, the nonprofit sector, future jobs, the environment, and reverse migration.

“What distinguishes the forum, which serves as a research center for national issues, is its focus on the principle of dialogue and participation between all concerned, specialized and responsible parties within the economic and social community, by intensifying meetings and promoting participation in all study discussions, with the aim of touching barriers in a close and intensive manner.

“Accurately diagnosing the facts gives accurate results when identifying solutions,” he added.

Special sessions of the forum will aim to generate practical suggestions and solutions to help with economic decision-making and to establish the principle of dialogue and participation among sectors of the business community.

In July 2019, the REF held a panel discussion at the chamber’s Riyadh headquarters on a study detailing the role of balanced economic development in reverse migration and sustainable and comprehensive development in the Kingdom.

Its focus was to identify the obstacles preventing the movement of young workers between towns and big cities, as well as highlighting ways to improve the quality of life in small urban centers through an analytical survey of industrial and service resources in different regions.

Al-Shuwaier noted that the forum was special in bringing together a broad range of intellectual and practical minds from government and private sector organizations covering many fields.

He added that the chamber was working on the final touches to transforming the forum into an independent economic think tank that served national economic issues.

Ajlan Al-Ajlan, chairman of the Riyadh Chamber of Commerce and Industry (RCCI), which organized the event, said the forum’s main objectives included using scientific studies and methodology to identify issues affecting the national economy, analyzing constraints on economic growth and working to combat them by learning from the experiences of other countries.

He pointed out that the forum coincided with the Kingdom’s presidency of the 2020 G20 summit of global leaders, being held in Riyadh in November, and that the eyes of the world would be on Saudi Arabia.

The forum is one of the participants in T20, an official G20 engagement group, with four topics related to important sectors discussed by the group.

The opening ceremony of the REF was followed by a session on future jobs, administered by Education Minister Hamad bin Mohammed Al-Asheikh. Delegates discussed employment requirements linked to the fourth industrial revolution and how to tackle the prospect of 40 percent of jobs becoming obsolete due to mechanization in the farming and industrial sectors.

The session highlighted that education should go hand in hand to prepare students for the jobs of the future.

Forum data showed its previous eight sessions attracted 33,938 attendees, an average of 4,243 participants per session.