Expert: Instances of bank fraud in Saudi Arabia low

Updated 06 December 2014

Expert: Instances of bank fraud in Saudi Arabia low

The Association of Saudi Bankers confirmed recently that the number of banking related frauds, including ATM and online fraud, is lower in the Kingdom than in the rest of the world. The association attributes this fact to the continued efforts of Saudi bankers to raise awareness among their customers.
“Alertness should be responsibility of the customers, but Saudi bankers are make every possible effort and take all the right measures to protect customers in any banking operation, something that is yielding positive results,” Talat Z. Hafiz, general secretary of the association, told Arab News.
“Customers need to be extra cautious while dealing with online banking systems, by equipping their computers with the latest and most effective anti-virus and malware protection software”, he added.
A total of 1.3 billion banking transactions were recorded in 2013, including ATM and online banking in the Kingdom, out of which, only 3,500 complaints of fraud per quarter were recorded by the Saudi Arabian Monetary Agency (SAMA), which, according to Hafiz, is a very low number.
“There were 5.5 billion attempts of fraud in the banking sector recorded last year worldwide, so compared to the rest of the world such fraud attempts in the Kingdom are extremely low by comparison,” the expert asserted, adding that Saudi banks are now in the top 10 category in world banking.
All debit and credit cards issued by banks in the Kingdom are PCIDSS equipped to prevent fraud. The Payment Card Industry Data Security Standard (PCIDSS) is a proprietary information security standard for organizations that handle branded credit cards. The standard was created to increase controls around cardholder data to reduce credit card fraud.
Saudi-issued bank cards with PCIDSS can’t be cloned, thus preventing skimming of card information by any third party.
Hafiz praised the awareness campaign started by Saudi banks in 2009, which, according to the expert, has proved a success since then, with banks sending 60 million SMS this year to alert customers of possible fraud. Bankers also use various mass media campaigns to inform customers about the right ways to do safe banking transactions, with six awareness programs in 2014.


Recent archaeological discoveries highlight Saudi Arabia as ‘a cradle of human civilizations,’ Rome conference told

Updated 06 December 2019

Recent archaeological discoveries highlight Saudi Arabia as ‘a cradle of human civilizations,’ Rome conference told

RIYADH: Saudi Arabia has become a leader in the field of archaeological research in the past five years, a major exhibition in Rome was told.

Abdullah Al-Zahrani, director-general of archaeological research and studies at the Saudi Commission for Tourism and National Heritage, said that 44 international archaeological missions had been carried out this year in the Kingdom.

He was speaking on the sidelines of the “Roads of Arabia: Masterpieces of Antiquities in Saudi Arabia Across the Ages” exhibition, which opened at the National Museum of Rome on Nov. 26.

The groundbreaking exhibition was inaugurated by Saudi Minister of Culture Badr bin Abdullah bin Farhan and Italian Minister of Cultural Heritage and Activities Dario Franceschini.

Al-Zahrani said that the Kingdom “has become one of the most advanced countries in terms of archaeological disclosures.”

“Recent discoveries by local and international missions have highlighted the Kingdom’s historical status and cultural depth as the cradle of the beginnings of human civilizations,” he said.

Archaeological discoveries continue to “instil the civilized dimension of the Kingdom,” he said.

“The religious, political, economic and cultural stature that Saudi Arabia enjoys is an extension of its long cultural heritage, in addition to its distinctive geographical position as a bridge and hub of cultural interaction between East and West that made it a meeting point for international land and sea trade routes throughout all ages,” he added.