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SAMA: New Security Measures for Saudi banks-itmam updates

Itmam Updates:

As a step to boost its efforts in fighting fraud and scams, SAMA calls on banks to suspend the option of opening online accounts for individuals or institutions to achieve better security.
The new measures came as an increase in fraud has been marked recently due to the impersonation of platforms that sell goods or provide services, with names of official entities, to obtain access to data on electronic banking services.
Bank fraud operations included Impersonation, phantom investment, fictitious recruitment, internal fraud, and fake web pages or platforms.
Users opened more than 4.8 (55% of the total accounts opened remotely) million accounts remotely without verifying their identification numbers on mobile.
SAMA also directed banks to present a plan for other measures within five days to be implemented within two months. Those measures contain investment in the infrastructure of anti-fraud systems.
Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours.
Measures also include applying more multi-factor authentication standards for each money transfer transaction for pre-added customers, and customers must manually enter the temporary password or OTP.
Banks are requested to apply more than one criterion to verify identity on the request to establish electronic services, change the password, issue and activate cards, and confirm the request through another channel such as a phone call.

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