The Central Bank of Saudi Arabia issued a statement about what was recently raised in some social media about a customer’s exposure to a financial fraud, which resulted in the fraudster obtaining financing illegally, by exploiting the customer’s personal data that he disclosed.
The bank stated that it immediately formed a team to verify the matter and examine its merits. It turned out that the financing authority referred to in the section is a newly licensed financing company by the Central Bank to practice the activity of microfinance through financial technology.
He added that after that, the company was directed to take the necessary corrective measures to prevent such fraud, while the Central Bank continues to work to complete verification on all aspects and to take more precautionary measures.
The bank stressed the need to preserve data and information, and not to share it with any party whose identity has …