Saudi banks ‘among least exposed to financial fraud worldwide’

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Saudi Arabia has one of the lowest bank fraud rates in the world as Saudi banks play a vital role in raising agents’ awareness from fraud.

Saudi banks launched its ninth campaign to raise awareness about financial fraud and means to prevent it. Raising such awareness is very significant considering that financial fraud has dangerously developed and further burdened the global economy due to more losses.

Secretary General of the Committee on Information and Awareness Raising in Saudi Banks, Talaat Hafez, told Al Arabiya that financial frauds around the world are continuing to increase as they become a burden that costs the world economy more losses.

“But the rates of financial frauds are much lower in Saudi Arabia compared to the rest of the world after we first began to raise awareness through our campaigns. We target both the consumer and the banks in ensuring both locals and expats don’t fall prey to fraudulent cases,” Hafez told Al Arabiya.

These precautionary measures have helped Saudi Arabia has one of the lowest bank fraud rates in the world, Hafiz added.

A press conference held by Saudi banks in Riyadh focused on four main points which are fake investment offers, fast-earning and high-risk investments, fake recruitment and making financial transactions to anonymous people.

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