Combating Fraudulent Operations: SAMA Takes Proactive Measures
In recent years, the world has witnessed a proliferation of fraudulent operations using social engineering and exploiting individuals' lack of awareness to obtain confidential data.
To combat this, the Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia, has launched a development and reinforcement of controls and guidelines to reduce these risks through periodic monitoring and studies of fraudulent methods.
Biometric Features for Secure Account Opening
The bank has introduced biometric features to open bank accounts and electronic wallets remotely.
Enhanced Authentication Measures
For the first time, the institution is documenting devices used to access electronic banking services through online authentication requests. Additionally, a unique verification code is sent to the client's registered SIM card to finalize electronic financial transactions.
Regulatory Systems to Combat Financial Fraud
The central bank is applying regulatory systems to combat financial fraud using artificial intelligence and has developed an informative guide based on three main pillars: prevention, treatment, and response.
Specialized Training Program
In cooperation with the University of Cambridge, the bank has developed a specialized training program to train national cadres in the field of combating financial fraud.
By taking these proactive measures, SAMA aims to stay ahead of fraudulent operations and protect its customers' confidential data.
