Saudis targeted in new wave of financial scams
Fraudsters claim to be from trusted institutions such as central bank or Public Investment Fund
Fraudsters claiming to represent some of the Kingdom’s most respected institutions are targeting Saudis in a new wave of financial scams. A series of bogus online adverts offers sham investment opportunities in trusted organizations such as the Saudi Arabian Monetary Authority (SAMA) or the Public Investment Fund (PIF). In fact, neither the PIF nor SAMA, the Saudi central bank, accepts money from the public. Other fraudsters call bank customers and say their accounts have been compromised, then ask for the customer’s bank details so the account can be protected.
Retired engineer M. Al-Mansouri was called by a women claiming to be from a government authority. She said she needed to check his personal information, including his Saudi ID details and the last four digits of his bank card.
“In less than half an hour, I received SMS messages showing that my bank card details had been used to obtain money,” said Al-Mansouri. “I assumed there was some mistake but the messages did not stop and all of a sudden I found that about 50,000 riyals were taken from my account.”
H. Al-Ruwaiq received an email from a stranger who claimed to work for a charity foundation and offered to transfer $100,000 to his account. “I knew right away it was some sort of a scam and did not reply. I just ignored the email,” he said. Ibrahim Addossri, a financial adviser, said fraudsters had developed sophisticated skills and often sounded convincing, and people under financial pressure could easily fall victim.
“They tend to rush and make rash decisions without consulting experts,” he said.