The total number of financial fraud notifications signed by the Saudi banks in 2015, 2016 and 2017 exceeded 10,600 with a value of SAR1.2 billion (USD320 million). Talaat bin Zaki Hafez, secretary general of the Radio and Television Commission in Saudi Banks, said that the security bodies concerned with financial investigations in the ministry of interior are exerting relentless efforts to combat money laundering and financial fraud. He added that the Saudi banks have a specific mechanism to deal with these cases. On the sidelines of the news conference held by the committee in Riyadh on Monday, Hafez assured that no direct accounts of clients were hacked, stressing that the banking system was sound and that it was following the best international practices. He hailed anti-fraud awareness campaign organized by the committee, saying they are aimed at underling the threat of fraud and their negative impact on the economy. The International Monetary Fund (IMF) has estimated the size of money laundering at between 2 and 5% of the local GDP or around $1.5 and 4 trillion. This makes fighting fraud a shared responsibility between countries, he added. Saad Al-Hareeqi, member of the Media and Banking Awareness Committee of Saudi banks, said banks are committed to raising awareness in society. According to him, the “Do not disclose it” campaign has a long-term strategy that seeks to protect financial transactions and provide a safe environment for clients and bank customers. Turki Al Sayari, manager of the financial awareness program, presented four main topics that will be the core focus during this season’s anti-fraud awareness campaign. They are fake investments, providing personal banking information via phone, using credit cards in untrusted online stores, and reacting to fake prizes.