Banks Warn To Beware Of Fraud Online Transactions

Saudi commercial banks have warned their customers against fraudsters using false electronic marketing websites to steal their secret banking information and money.  Up till now, about 20 percent Saudis who purchase products through electronic marketing websites have been victims of fraud. Annual losses resulting from financial fraud worldwide is about 5 percent or $3.5 trillion of total global trade

Concerned authorities are emphasizing the need to tighten security measures to make banking transactions free from mismanagement & frauds. There is an 80 percent increase in worldwide e-commerce as companies & individuals use e-trade websites for their transactions and purchase products and services at highly discounted rates. It is also estimated that Kingdom's e-commerce market will further boom by 2020.

Saudi banks have launched a major campaign to save their customers from fraudulent e-transactions. It comes following the growing use of credit cards by Saudis and increase in e-commerce using e-marketing websites and social media networks.

Such a campaign was essential in light of increasing purchasing power of Saudis and foreign guest workers and the new trend of buying goods and services online at highly discounted rates. Saudi banks have introduced a series of mechanisms to stop fraud. These include detecting signs of fraud, raising red flags for probable or ongoing financial fraud and adopting integrated plans and policies. The campaign advised customers not to reveal their personal banking information to strangers.

Saudi Arabia holds top position in the Arab world in terms of using social media websites for communication and e-commerce. Every trade mark has more than one websites to promote and sell their products and this has increased chances for people to become victims of fraudulent transactions.