SAMA lifts temporary precautions to protect bank customers from fraud

The Saudi Central Bank (SAMA) has declared that the temporary precautionary measures taken to protect bank customers from financial fraud have been updated. Banks in the Kingdom were informed of these procedures on April 7,2022upon assessments and follow ups that had been made in recent days by SAMA.

The update announced by the SAMA included the following:

-          Reverting the bank customers’ minimum daily transfer limit back to the previous limit.

-          Customers can reduce the minimum limit of daily transfer by contacting their bank.

-          Re-inception of the possibility to create an online bank account following the organizational procedures.

In addition to that, the SAMA urged bank customers to be highly aware about fraud, and refrain from revealing personal information such as banks, passwords, and PINs to individuals or parties. SAMA has also emphasized on the importance of ensuring the credibility of websites with which customers interact.

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Disclaimer: This publication is for informational purposes only and does not provide any legal advice.

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