The Saudi Central Bank (SAMA) updated the temporary package of measures rolled-out to banks early this week in an urgent action to protect banking consumers against financial frauds on April 7, 2022, following the re-evaluation performed in the past few days.

SAMA clarified that the updated package of measures included raising the daily transfer limit back to its pre-measures ceiling, noting that consumers retain the option to lower this limit through contacting the bank. On the same note, SAMA brought-back rules allowing consumers to remotely open bank accounts Online in accordance with standard regulatory procedures. The updated set of instructions scheduled to come into force as of April 12, 2022.

In this regard, SAMA stressed the importance of remaining cautious and alert to the potential of financial fraud, and urged banking consumers to avoid disclosure of personal or banking information, i.e., passwords and verification codes, not to mention ensuring dealing with trustworthy and reliable websites.