Saudi Arabia to Safeguard Bank Accounts by Monitoring Emerging Financial Fraud Techniques

Amidst the rapid technological advancements globally, particularly after the Covid-19 pandemic, the Kingdom of Saudi Arabia has successfully implemented numerous electronic services through a cohesive system involving government and private entities. 

However, this progress has also led to the emergence of new forms of financial fraud, prompting the Saudi Central Bank to implement measures to mitigate these risks.

In an interview with Asharq Al-Awsat, Saudi Central Bank's (SAMA) discussed its ongoing efforts to continuously enhance electronic financial transactions, foster innovation, and provide customers with secure and convenient services in line with international standards. 

The rise of fraudulent activities utilizing social engineering and exploiting individuals' lack of awareness to obtain sensitive information has prompted SAMA to strengthen controls and instructions to reduce these risks. 

The bank has introduced biometric features for remote opening of bank accounts and electronic wallets, and is documenting devices used for initial access to online banking services

Additionally, SAMA stated  that it was implementing regulatory systems that would utilize artificial intelligence to combat financial fraud, and has developed an informative guide focusing on prevention, treatment, and response. 

The Saudi Central Bank has also launched awareness campaigns and programmes to educate individuals about the dangers of financial fraud and the significance of data protection. Furthermore, the bank has collaborated with the University of Cambridge to develop a specialized training programme.