Deported Expats' Bank Accounts Are At Risk Of Financial Fraud

Several banks have expressed concern that expatriate bank accounts that have been deported may pose a risk to the financial system because fraudsters can exploit these still-open accounts to commit financial frauds or to launder money.

Around 30,000 deported persons have bank accounts with various commercial banks in the country, according to estimates. Regional and international criminal gangs may target these 'live' accounts to move their illegal funds without drawing attention to themselves. These accounts could also be used to recruit more expatriates for fraudulent operations, either directly or in exchange for fees. Even dormant accounts that lack funds can be vulnerable to hackers, who seek to penetrate them for the largest possible amount of personal data and password information, as well as financial information.

Banks warn that continued exposure to financial fraud gangs or those engaged in money laundering increases the vulnerability of the financial system. Accordingly, they have called on the authorities to establish an information link between banks and the Ministry of Interior so that the names of deported people are immediately provided to the banks, which can then freeze these accounts, especially accounts that lack funds.

The regulatory authorities, led by the Financial Investigation Unit of the Central Bank, are said to be monitoring the accounts of clients who have deposits in their accounts, have liabilities, or have job or commercial dues to pay that will be deposited later, subject to further scrutiny by the bank.

 

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