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A recent survey by the National Center for Public Opinion Surveys under the King Abdulaziz Center for National Dialogue revealed that 62% of Saudis are exposed to attempts of financial fraud. About 28% of those who were exposed to financial fraud attempts said that there was a relationship between the financial fraud attempt they had been exposed to and a previous activity they had done. Source – Saudi Gazette
This is a loud wake-up call and the problem of financial crime is not restricted to Saudi Arabian banks alone. Any bank that is exposed to the global $4 trillion problem of fraud (ACFE Report to the Nations) is vulnerable to transactional fraud threats and money laundering attempts.
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