Anti-Fraud Prosecution: Saudi Arabia Lowest in Financial Fraud Crimes, Tops Global Cybersecurity Index for 2024
Riyadh, October 16, 2024 SPA -- Naif Al Wakid, Head of the anti-fraud prosecution affiliated with the Public Prosecution, affirmed the increasing global incidence of financial fraud crimes, noting that Saudi Arabia ranks lowest worldwide in such crimes.
Al Wakid highlighted that Saudi Arabia proudly secured the top global position in the Global Cybersecurity Index (GCI) for 2024, inscribed in the highest category (role-modelling), reflecting the exceptional protection enjoyed by government electronic systems. He emphasized the importance of individuals being aware of the methods used by fraudsters.
Based on investigations conducted by the Public Prosecution, no financial fraud crimes resulting from cyber system breaches have been recorded in the Kingdom, Al Wakid said, stating that all registered crimes were due to criminals exploiting victims' personal data.
Al Wakid stated that financial fraud prosecutions operate continuously, seven days a week, around the clock in all regions of the Kingdom, to receive reports of financial fraud from law enforcement agencies. He urged fraud victims to immediately report any incidences of fraud to the police and banks as a crucial step to ensure the recovery of embezzled funds and prevent their transfer abroad.
Al Wakid highlighted that the Kingdom is below the global average in financial fraud crimes, noting that cybercrime operations amounted to $6.5 trillion in 2021, increasing by 15% annually, and is expected to reach $10.5 trillion in 2025.
Regarding the government services, including "Absher" and the "National Single Sign-On" initiative, Al Wakid underlined citizens' data there as a "red line," stressing the need for everyone to exercise caution and refrain from sharing verification codes or personal information with any untrusted party. He warned that even with a strong protective barrier, a fraudster can still gain access if they possess the key, which is an individual's personal data.
Al Wakid pointed out that rapid investment and instant wealth are among the most popular methods used by fraudsters to ensnare victims, advising against falling for deceptive advertisements.
The Public Prosecution and other entities are enhancing procedural measures to achieve prompt justice in combating financial fraud crimes, Al Wakid said, emphasizing that citizens' and residents' funds are under strict legal protection and that the Public Prosecution will continue to pursue fraudsters.
The anti-fraud prosecution head provided practical tips on ensuring the safety of electronic links and avoiding falling victim to fraud, he highlighted the need to meticulously examine links and verify their authenticity with relevant authorities before interacting with them, in addition to promptly reporting any attempted fraud regardless of the amount involved.
He underlined the role of the Public Prosecution's crime patterns analysis unit, which the deputy public prosecutor directly oversees. The unit analyzes data and studies criminal patterns to identify relationships between crimes and criminals, aiding in uncovering recurring crimes and their geographical locations. It also works on identifying the obtained amounts and their international destinations, among other data, and providing accurate and in-depth insights.
-- SPA
