The Saudi Central Bank (SAMA) issued instructions to all banks operating in the Kingdom of Saudi Arabia to implement a number of measures against financial frauds and to protect banking consumers.  Those measures proceed from SAMA's efforts to support the stability of the sector and bolster confidence within the financial system, and this is based on the authority and tasks assigned to the central bank and the Banking Control Law including issuing relevant instructions and guidelines required to protect banking consumers, as well as taking necessary measures to combat criminal activities.

SAMA clarified that urgent measures were rolled-out after observing a notable increase in the number of fraudulent websites and social media accounts, and a persistent recurrence of financial fraud incidents such as social engineering scams; in which consumers are being deceived to believe that they are dealing with official and trusted bodies, and end up revealing their personal financial data, i.e., bank passwords and other forms of verification codes.

SAMA stated that it has taken urgent and temporary measures including suspending certain services such as remote account opening, and setting a limit of SAR 60.000 on daily transactions for individual and individual enterprise. Noting that consumers retain the option of raising this limit. This is in addition to previously issued instructions and statutory requirements and actions taken as part of the anti- fraud measures that should ultimately protect banking consumers.

It is in that sense, SAMA advised caution so as to avoid disclosing of personal and banking information such as passwords and verification codes to other parties and to ensure dealing with authentic and trustworthy websites.