Saudi banks warn against new methods of financial fraud
The Banking Media and Awareness Committee in Saudi banks has warned bank customers of new methods of financial and banking fraud based on social engineering means.
On Monday, August 29, Saudi banks took to Twitter and wrote, “Phishing the victim, one of their exposed tricks! #Be careful and watch out for fake news pages or anyone who contacts you as a lawyer specializing in recovering financial fraud funds and asks you to pay via suspicious links, do not respond before you check and verify.”
The committee said that the latest fraud methods are exploiting weaknesses in the victim’s mind and psychologically manipulating it, which leads to the disclosure of protected confidential information and data, which incurs heavy financial losses.
The committee revealed that most of the social engineering tricks used in bank fraud are for accounts that provide fake links, claiming that they are official bodies or legal personalities to delude the victim that they are reliable parties, asking to share bank information, bank cards, and others.
It also warned against falling victim to those accounts that resort to fabricating several stories to deceive customers, stressing the need not to provide them with a verification code that arrives via phone call or text messages.
Saudi study issued by Naif Arab University revealed that 137,000 Arabs visit financial fraud sites daily, and they are caught through 24 methods of committing financial crimes based on fictitious investments.