JEDDAH – Saudi commercial banks have warned their customers against fraudsters using false electronic marketing websites to steal their secret banking information and money. "About 20 percent Saudis who purchase products through electronic marketing websites have been victims of fraud," said Talal Zaki Hafiz, secretary general of the media and banking awareness committee of Saudi banks. He emphasized the need to tighten security measures to make banking transactions free from malpractices. He said there was an 80 percent increase in worldwide e-commerce as companies and individuals use e-trade websites for their transactions and purchase products and services at highly discounted rates. According to Payfort estimates, the volume of the Kingdom's e-commerce market is expected to reach $10.86 billion (SR 40.73 billion) by 2020 after it amounted to $5.89 billion in 2015. "Considering the huge volume of e-commerce transactions, fraudulent operations in the Kingdom were at acceptable level thanks to people's awareness and protective measures taken by the Saudi Arabian Monetary Agency," Hafiz said in comments published by Al-Hayat Arabic daily. "Annual losses resulting from financial fraud worldwide is about 5 percent or $3.5 trillion of total global trade," he said while emphasizing the need to take caution by customers during e-transactions. Saudi banks have launched a major campaign to save their customers from fraudulent e-transactions. It comes following the growing use of credit cards by Saudis and increase in e-commerce using e-marketing websites and social media networks, the Arabic daily said. Such a campaign was essential in light of increasing purchasing power of Saudis and foreign guest workers and the new trend of buying goods and services online at highly discounted rates. "There is growing craze to purchase goods and services through electronic websites and many people do not know whether these sites are dependable or not. As a result they would become victims of fraudsters who want to steal money from their bank accounts," Hafiz said. Saudi banks have introduced a series of mechanisms to stop fraud. These include detecting signs of fraud, raising red flags for probable or ongoing financial deceptions and adopting integrated plans and policies. Speaking about the campaign titled, "Do not disclose it," Hafiz said it was aimed at increasing customers' awareness about fraudulent practices. He advised customers not to reveal their personal banking information to strangers and keep it highly confidential to avoid becoming victims of financial fraud. He said most customers are careful and do not become victims of fraudulent emails and SMS messages, which swindlers use to deceive them. "Saudi Arabia holds top position in the Arab world in terms of using social media websites for communication and e-commerce," Hafiz said. "Every trade mark has more than one websites to promote and sell their products and this has increased chances for people to become victims of fraudulent transactions."
