Banking customers in Saudi warned against falling victims of social engineering fraud

Banking customers in Saudi warned against falling victims of social engineering fraud

The Saudi Banks Media and Awareness Committee has warned bank customers that they could easily be victims of new fraud methods.

The new fraud methods, based on social engineering, target victims and exploit them through psychological manipulation which leads eventually to the disclosure of confidential data before they suffer heavy financial losses.

The committee revealed that most social engineering fraud tricks used are based on fake links provided by fake accounts, claiming that they are official bodies or legal personalities to trick the victim that they are reliable parties or authoritative sources. These fake accounts usually ask customers to share their bank information, the data of their credit cards and similar financial information. The committee warned against falling victim to those fraudster accounts that fabricate stories. It said: “So, for everyone with bank accounts stay cautious and do not provide anyone with verification codes that he receives via phone call or text message.”

Social engineering fraud is based on a set of tricky techniques and misleading pretexts to make people reveal their banking information and share authentication codes; which eventually enables the fraudster (the attacking social engineer) to access the victim’s account, transfer money or exploit card information and withdraw money.

In a statement, the committee has now called on bank customers and community groups to be aware of the latest fraud methods and not to share their bank or card information and password with any party under any pretext. It has also warned bank customers to never respond to fake investment announcements or fake trading shares, and never visit random links sent claiming to update personal information. As a precautionary measure, bank customers should ensure changing credit card passwords periodically, especially when returning from traveling abroad.

The committee also warned against being deceived by the presence of bank logos on fake websites and pages, and it has also stressed the importance of checking the reliability and credibility of electronic shopping sites, and that their information is secure. It warned: “Customers should ignore all text and electronic messages which claim to include a cash prize or any type of gift by deleting these messages immediately, and the customers must always refer back to official banking sites and applications only. Customers also should ensure that their personal information is updated through the official channels of the bank only.”

Finally, the committee also stressed the importance of following its accounts on all social media platforms to learn about new fraudulent methods, and making sure to report any fraudsters that the customers come across by sending a text message to 330330 along with the number of the fraudsters.