SAMA warns against (humanitarian aid) advertisements on social media sites

The Saudi Central Bank has warned against humanitarian aid advertisements on social media sites promoted by unlicensed Forex entities to seize your money.

The Central Bank explained in a post on its X account that these accounts aim to achieve illicit gains, stressing the need to verify official authorities before dealing with any financial entity.

The Saudi Central Bank had previously issued a guide to combating financial fraud, in which it said that technological progress has led to rapid changes in the financial sector. With customers being allowed instant access to products and services, this digital transformation has increased their exposure to fraud.

After the stage of small incidents affecting individuals, we are now witnessing large-scale online fraud attacks organized by international organized groups. These attacks expose customers to more complex threats than ever before, and it is imperative that financial institutions properly protect assets and mitigate the risks of customer exploitation.

Fraud not only causes emotional harm and financial losses to customers, but can also harm the reputation and financial integrity of institutions, reducing confidence in the financial sector in general in the Kingdom of Saudi Arabia.