RIYADH: Bank fraud is low in the Kingdom compared to rising rates in other countries, Saudi Banks, the nation’s association of bankers, said on Thursday.
While money transfer fraud, ATM and online banking fraud have become a worldwide threat, prudent banking measures meant the country had one of the world’s least-registered rates of financial fraud, a Saudi Banks spokesman said.
Talat Zaki Hafiz, the secretary-general of the media and banking awareness committee for Saudi Banks, was speaking at the launch in Riyadh of the ninth public awareness campaign, “Mo_Alaina”, about the risks of financial and banking fraud.
“This campaign is basically aimed at educating the public about the techniques of banking fraud, how to deal with it and avoid it by being cautious while using an ATM or making online transactions,” he said.
“In doing this we are not trying to scare people, but just alerting them to banking fraud. We have had some cases reported in the Kingdom which we need to avoid, for example an unknown person asking to transfer money to an unidentified account saying he has no account.”
“If you take the number of total transactions taking place on a daily or a yearly basis, the number in the Kingdom is in the acceptable range, especially if you compare it to the global standard,” he said.
Hafiz said that financial fraud was on the rise and had become a costly burden to the world economy. In 2016, financial fraud cost companies around the world 5 percent of their annual revenue — $6.3 billion annually.
Ibrahim Saad Abu Muti, head of the banking information and awareness-raising team at Saudi Banks, said that this year’s campaign will deal with fake and unlicensed investments.
Saudi Arabia ‘has one of world’s lowest bank fraud rates’
Saudi Arabia ‘has one of world’s lowest bank fraud rates’
Saudi aid agency launches food distribution projects in Djibouti and Guinea
- Projects to benefit 40,000 individuals across Djibouti and 50,000 in Guinea
- KSrelief's aid programs have reached a total of 113 countries across four continents
RIYADH: The King Salman Humanitarian Aid and Relief Center (KSrelief) has launched its 2026 food distribution projects in the African republics of Djibouti and Guinea.
The initiatives are part of Saudi Arabia’s broader humanitarian relief efforts to enhance global food security for vulnerable populations, according to statements carried by the Saudi Press Agency (SPA).
In Djibouti, Saudi Ambassador Mutrek Al-Ajaleen and other local officials rolled out the fifth phase of the year’s project. It consists of 6,715 baskets of essential food items designed to support 40,000 individuals across multiple regions of the country.
In Guinea, Saudi Ambassador Dr. Fahad Al-Rashidi led the launch ceremony for a similar initiative. Under this project, 8,400 food baskets will be distributed, benefiting 50,000 people nationwide.
Since its establishment in 2015, KSrelief has served as Saudi Arabia's primary humanitarian arm, making food security one of its largest and most critical operational sectors. According to the center's official statistics, KSrelief has implemented over 1,150 dedicated food security projects at a total cost of more than $2.2 billion.
These specific food distribution initiatives have successfully delivered vital sustenance to vulnerable populations in 86 countries worldwide. Broadening the scope beyond just food security, KSrelief's overall humanitarian and development aid programs have reached a total of 113 countries across four continents.
