New Scams Devised By Fraudsters

Taking the funds or properties of others through defrauding methods recently took a new turn, according to Al-Jarida daily, citing sources. The regulators who handled the case monitored the latest operation and referred some of the perpetrators to the Public Prosecution. New defrauding methods involve using logos of regulatory authorities, such as the Capital Markets Authority (CMA).

Fraudsters continue to devise new methods of deceiving others, according to sources. Sources pointed out this is a violation of the law prohibiting the use of the logo of any entity. Sources said these fraudsters are targeting companies that have wallets for trading in foreign currencies, through which customers are asked to settle their financial obligations and then the fraudsters send invoices for taxes or fees that must be paid.

Regulatory authorities do not ask companies - licensed or unlicensed - to pay through links, according to sources. Sources added that these authorities do not collect taxes or send invoices to anyone. In order to stop such illegal activities, individuals and companies must verify information before paying to the regulatory authorities or contacting them directly.

A source confirmed that using the logo of a regulatory authority or knowing the person using the name of the wallet or an official in the company or the regulatory authority does not justify dealing with payment claims. It is imperative that direct verification is conducted first, especially since the oversight authorities can respond to inquiries; and there is no reason to expedite the process before confirmation has been made.

The public should also keep in mind the following:

- Individuals and institutions must take all the necessary measures to protect their data.

- Focus on training, technical qualification and continuous awareness programs.

- Assist the oversight authorities by following the instructions and warnings, and paying attention to public awareness campaigns.

- Direct communication with the concerned individual or entity regarding the payment and transfer of funds, and double check everything, as fraud and infringement on the rights and properties of others are on the rise.

- Strengthen the electronic security of companies, deal with trusted companies and entities, and avoid granting absolute powers to any party or entity.

- The regulatory authorities neither use electronic invoices nor collect taxes or fines through links or on behalf of any party — internal or external.

The number of scams targeting individuals and entities has increased remarkably; hence, the need for caution, as the cornerstone of the success of such operations lies in the cooperation of the targeted person or entity and lack of data protection.

 

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