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Saudi authorities warn against dealing with suspicious investment websites

Suspicious websites promote for investment opportunities and promise financial gains and fast wealth

Published: Updated:

The Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA) have warned investors in securities and the public against dealing with suspicious websites that may practice illegal activities.

According to them, such suspicious websites promote, through advertisements posted on the Internet and in social media, for investment opportunities and promise financial gains and fast wealth, which may expose persons to fraud and deceit and lead to significant financial losses.

Also read: Fake products boom in Saudi Arabia’s markets

In light of the supervisory authorities' keenness to raise awareness and warn against such suspicious acts and activities; SAMA and CMA urge all to exercise extreme caution and vigilance and refrain from investing, contributing, dealing or trading in any amounts in any activity involving securities or foreign currency transactions with any persons, institutions, firms, entities or websites (including social media accounts) without ensuring they are legal and licensed or have the approvals necessary from the Saudi supervisory authorities to exercise such activities, a statement released by them said.