SAMA updates temporary precautionary measures to protect bank clients from financial fraud

Logo of Saudi Central Bank

The Saudi Central Bank (SAMA) announced updating the instructions on temporary precautionary measures to protect bank clients from financial fraud from April 7 based on the assessments and follow-ups over the past days.

The update ensures that the daily transfer limit for bank clients is restored to the previously set levels, which the client could reduce by communicating with the bank.

Meanwhile, online bank account opening will be available in accordance with the regulatory procedures, with the updated instructions to be effective today, April 12.

SAMA urged clients to be careful of fraudulent operations and not to share or disclose any bank or personal data, such as passcodes and verification codes for any person or entity, to ensure the reliability of the websites.

The central bank recently required banks operating in the Kingdom to implement some precautionary measures to protect clients from financial fraud, according to data compiled by Argaam.

The move came under the apex bank’s law to support the banking sector’s stability and enhance customer confidence.