Saudi Arabia warns citizens of online financial scam adverts

RIYADH: The commerce ministry of Saudi Arabia has warned the people of the kingdom against an online financial scam advert that uses a picture of its spokesperson to promote fraudulent investment products, the local Saudi media reported.

The ministry stressed the need to be cautious and to remain beware of falling into investment risks, signing up to, or dealing with suspicious websites, whose activities may involve illegal activities, promoting investment opportunities and promises of financial gain and quick wealth.

 

Social media and other online platforms have made it easier than ever before to reach highly targeted audiences with the information fraudsters want them to see, the ministry said in a statement.

“Scammers attempt to get fake ads and information under your nose.

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Not only could you be misled into buying something dodgy or unsafe, but it could also result in you falling victim to a financial scam,” the statement added.

“Work was being done with authorities to trace the source of this type of hoax advertisements, and to take the necessary legal action against them,” the statement said.