Saudi banks launches its 9th campaign to raise awareness of financial fraud and ways of prevention

Talaat Zaki Hafez, Secretary General of the Committee on Information and Awareness Raising in Saudi Banks, revealed that financial frauds around the world are continuing to increase as they become a burden that costs the world economy more losses. In the past 2016, that financial fraud costs companies around the world losses of 5% of their annual revenue, $ 6.3 billion annually, the share of private companies, including 38%, followed by public companies by 28%.

This came during a press conference held by the Saudi banks in Riyadh, represented by the Committee on Information and Awareness of Banking in Saudi banks, to announce the launch of the ninth awareness campaign under the slogan "# مو_علينا" to enhance public awareness among the members of the community and the banks in particular towards the risks of financial and banking fraud.

Hafez explained that this year's campaign focuses on four main axes: investment offers, low-speed investments, high-risk investments, fictional employment, transfer to unknowns, and grants to non-specific financial agencies. Stressing that the campaign aims to clarify the foundations and standards to ensure the efficiency of financial and banking operations and safety, and also identify the most important precautions must be taken into account by customers.

For his part, Ibrahim Saad Abu Muti, head of the banking information and awareness-raising team at Saudi banks, said that Saudi banks are a top priority for this year's campaign to deal with fake and unlicensed investments, including dealing with suspicious websites whose activities may involve irregular activities, Which promotes online advertising and social media for investment opportunities and promises fast financial gain, including Forex and other unlicensed activities

He pointed out that the second axis of the campaign focuses on enhancing the warnings issued by the Saudi banks represented by the Committee on Information and Awareness Bank to all users of ATMs, from frauds they may be exposed to, warning them to respond to anonymous requests that may stop them near the ATMs and ask them to carry out operations Banking on their behalf through their accounts, such as the transfer of funds, or payment of bills, or others.