The Standing Committee for Awareness and Warning against the activity of trading with securities in the unlicensed foreign exchange market (Forex) warned of new methods that are being exploited by unlicensed companies and persons to promote their illegal activities. These methods, according to what the committee has monitored during the last period, consisted of using the logos of government agencies, as well as the logos of some private entities, and publishing incorrect statements by government officials and public figures in the form of advertisements aimed at misleading citizens and residents and deluding them with the legitimacy of the financial dealings of these suspicious parties.

                The committee stated that the suspicious parties are adopting many, varied and innovative ways and methods of inflicting upon their victims. Among the most prominent of these methods is the creating of misleading reports and press headlines that include pictures of government officials who urge for registration in some government services. Moreover, it uses the official logos of newspapers and commercial websites, for their advantages reports, so that they appear to be reliable to recipients. The logos of these newspapers and websites are used in an irregular manner to promote their suspicious activities. It appears to the public when clicking on the link; it is in the form of an advertisement. Then a new page requests  contact information of the victim who wishes to invest his/her money, with the promise of achieving quick financial gains, then the fraud process begins.

                Those responsible for these misleading ads also use fake stories that appear on well-known websites in the Kingdom, taking advantage of the large number of visitors to these sites and posting responses to their stories to delude them of the legitimacy of their actions. Social media platforms are also exploited, either by using paid promotion or by promoting through personalities who have a high presence in social media, which suggests to the public that this activity enjoys legal legitimacy.

                The committee called on the general public to ensure the sources of information and the existence of the legitimate licenses before embarking on investment, and to avoid getting tempted by the illusory quick gain promoted by unlicensed forex companies. The relevant government agencies in the financial and investment sector provide the needed data and information of legitimate agencies on their websites. People who wish to invest should only deal with approved entities that fall under the supervision of the relevant regulatory authorities in the Kingdom.

                It is noteworthy that the Standing committee, whose formation was directed by the High Commissioner. It is concerned with raising awareness and warning against the activity of trading with securities in the unlicensed foreign exchange market (Forex), and marketing unlicensed digital currencies and is chaired by the Capital Market Authority and includes in its membership the Ministry of Interior, the Ministry of Information and the Ministry Trade, and the Saudi Arabian Monetary Authority, and works on permanent coordination with the relevant government agencies to reduce the phenomenon of marketing for investment and trading in unlicensed forex activities, as well as dealing in unlicensed virtual digital currencies.

                In this regard, the committee calls on the public to whom this investment is offered or promoted by a person in the Kingdom or abroad, to report it to the competent authorities so that the necessary measures can be taken. Noting that the regulatory authorities in the Kingdom follow up on suspicious practices, control these violations, monitor them and deal with them in accordance with the provisions of the regulations in force in the Kingdom.