Saudi Central Bank: updating measures to protect consumers against fraud

Following the re-evaluation performed in the past few days, the Saudi Central Bank (SAMA) updated the temporary package of measures rolled-out to banks early this week as part of an urgent initiative to protect banks’ consumers against financial fraud on April 7, 2022. SAMA clarified that the updated package of measures included increasing the daily transfer limit back to its pre-measures level, noting consumers may lower this limit by contacting their banks.

In accordance with standard regulatory procedures, SAMA brought back rules that allowed consumers to open bank accounts online remotely. The updated set of instructions will be in effect as of April 12, 2022. The association stressed the importance of maintaining vigilance and alertness to potential financial frauds, highlighting the importance of never disclosing any personal or banking information, i.e. passwords, verification codes, and ensuring the use of trustworthy and reliable websites.