• A banking expert warns against introducing "social engineering" to banking fraud and money laundering


    ​During a meeting organized by the Asharqia Chamber

    A banking expert warns against introducing "social engineering" to banking fraud and money laundering​

    A banking expert has warned of a renewed state of banking fraud, especially those that rely on social engineering, to access information and funds, stressing that bank fraud is a step to a bigger problem, which is money laundering, which is primarily a process resulting from fraud, and that a central effort is supervising it. The central bank to face this trend.

    During a direct meeting organized by the Asharqia Chamber in cooperation with the Banking Information and Awareness Committee in Saudi banks on Thursday (31 / December / 2020), the Deputy Department of Fraud Governorate at the Arab National Bank, Falah Al-Absi, explained that fraud is a practice that involves the use of deception to gain financial gain or access to certain information, or to facilitate the process To win for a specific party, and its result is lost for another party, this process is usually done according to three factors called the example of fraud (need, opportunity, and justification).

    As for the "need", Al-Absi says that many people are heading towards fraud under the pressure of financial need or the desire to preserve social status, or the desire to achieve quick financial profit, so the method is a fraud, especially in light of the accumulation of material needs. Whereas the second factor, which is the "opportunity", is that any fraud is carried out according to the opportunities available to the person willing to fraud, which is embodied in the ignorance of the victims or their excessive confidence, or the exploitation of opportunities such as the opportunity of the Corona pandemic, so some services and goods are promoted. And the third factor (justification) remains supportive For the fraud as if this fraudster says that I have tired of life, or that I am not the only one who does this act and similar excuses.

    He pointed out that there are many means for fraud, and it cannot be limited, but bribery, forgery, and providing false information are included in the list of fraud, except that the development that is taking place is social engineering in which a person's trust is exploited and the promotion of certain prizes or fake investments or jobs, through which the victim is lured to present Sums of money start small and multiply.
    From here, and based on all these data, Al-Absi believes the need for caution and accuracy in dealing with any contact that was, especially since the high awareness process among citizens we have noticed in recent years the development of fraudulent means, such as exploiting anyone’s need and relying on him to open several accounts Several banks are being exploited in fraud operations .. Calling on every dealer with banks to contact the official numbers and make sure of any suspicious process, through which fake profits are promoted.​​
    He pointed out that combating fraud and money laundering is carried out at present through central committees supervised by the Saudi Central Bank, as accounts that are outside the framework or are in doubt are monitored.
    It is noteworthy that the workshop was moderated by the head of the Banking Awareness Committee in Saudi banks, Talaat Hafez, who confirmed that bank fraud despite its presence in the local market, but remains limited, and did not reach the extent of the phenomenon, due to the great efforts made by the concerned authorities, both in the banks themselves, Or at the Central Bank of Saudi Arabia (SAMA), or by other concerned authorities.​

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