Be alert against bank frauds

Banking-Fraud


Fraudulent financial and banking practices are growing worldwide, posing a real threat to electronic financial dealings, said Talaat Hafiz, secretary general of the media and awareness committee for Saudi banks.

The committee has launched a campaign to enlighten the public on fraudulent banking practices and sound ways to use credit and ATM cards to prevent their misuse by impersonators and thieves.

It urged customers to follow legal channels for banking transactions and instructions of their banks. “You should be very cautious in dealing with financial messages to avoid falling into traps,” Hafiz said.

The campaign coincides with summer vacation when a large number of Saudis and expats visit foreign tourist destinations and use credit cards for shopping and other financial dealings. He said Saudi banks and authorities were following fraudulent banking practices taking place in different parts of the world to prevent them by adopting a variety of precautionary and legal measures.

“Saudi banks apply the global best practices and best security systems to prevent fraud,” Hafiz said. Customers in the Kingdom withdrew SR658 billion through ATMs last year.


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