Saudi central bank Samaa has instructed banks to block the option of opening online accounts for individuals or entities under the new security measures.
According to Arab News, under the new measures effective from April 10, accounts will be opened only through branches.
According to the daily Okaz, local banks such as Al-Rajai Bank have announced this on their Twitter account.
Other measures include a daily electronic transfer limit and a 24-hour international transfer.
According to a circular seen by Arab News, Sama has also asked banks to stop allowing non-Saudi consumers to join online beneficiaries.
Banks are requested to apply multiple standards for verification of identity on request to establish electronic services, change password, issue card and activate and request through other channel such as phone call. please confirm.
The measures include the application of more multi-factor authentication standards for each money transfer transaction for customers already involved.
The Saudi central bank Samaa explained in a circular that the new decisions come at a time when platforms that sell goods or provide services have recently seen an increase in fraud.
Sama added that the significant and rapid growth in financial services provided by banks through traditional and electronic channels has led to an increase in financial fraud.
Sama's circular reveals a number of challenges that have contributed to the increase in fraudulent activities in the country.
Sama also asked the banks to submit a plan for other measures within five days which would be implemented within two months.
These measures include investing in anti-fraud system infrastructure.
