The Saudi Central Bank (SAMA) was closely monitoring the most recent controversy stirred up on social media about a client being subject to financial fraud.  The client who divulged his private account data had his money illegally stripped away from him.

The Bank immediately formed a team to investigate the issue and it turned out that the financing party in question was a finance company recently licensed by SAMA to conduct digital consumer microfinance activities.  The company was then directed to take appropriate corrective measures to avoid the occurrence of similar fraud incidents in the future. SAMA will continue to investigate the matter from all possible angles and to take any additional precautionary measures necessary.

Within this context, SAMA would like to remind all stakeholders of the importance of keeping personal and private data and information secret, and not sharing it with any unidentified party.

The Bank also notes that it is very critical for stakeholders to alert competent specialized authorities of any suspicious activities or transactions and notify the Bank itself of such matters through the SAMA digital portal accessible through the following link: www.samacares.sa