Summary of الاحتيال المالي في الصورة - رئيس نيابة الاحتيال المالي الدكتور نايف الواكد ضيف عبدالله المديفر

The video features an in-depth interview on the issue of financial fraud with Dr. Nayef Al-Waked, Head of the Financial Fraud Prosecution at the Public Prosecution, hosted by Abdullah Al-Madifer on the program “In the Picture.” The discussion covers definitions, types, methods, impacts, and preventive measures related to financial fraud, along with real cases and advice for the public.

Key Points:

  1. Definition and Nature of Financial Fraud
    • Financial fraud is the unlawful seizure of others’ money through deception, lying, and trickery, differing from theft as victims voluntarily hand over money under false pretenses.
    • It is a criminal offense, distinct from civil deception or robbery, which involves force or violence.
  2. Global and Local Scale of Financial Fraud
    • Worldwide financial fraud was estimated at $6.5 trillion in 2021, growing annually by 15%, potentially reaching $10.5 trillion by 2025.
    • In the U.S., fraud proceeds reached $28 billion in 2021; Britain and Japan also reported significant increases.
    • Saudi Arabia’s fraud levels are lower than global averages but have increased post-pandemic, with losses in the hundreds of millions of riyals.
  3. Historical and Modern Fraud Examples
    • The story of Gregor MacGregor’s 1822 fake land scheme in Honduras is cited as a classic fraud involving deception and false investment.
    • The Ponzi scheme, named after Charles Ponzi, is explained as a pyramid fraud where returns to old investors are paid from new investors’ money.
    • Recent local cases include fraudulent container rental projects collecting about 900 million riyals and fake real estate projects promoted by celebrities, which amassed around 2 billion riyals.
  4. Methods and Tactics of Fraudsters
    • Fraudsters exploit human emotions, such as sympathy (e.g., fake charity campaigns like the “Sarah Ibrahim” leukemia case), greed (promises of unusually high returns), and trust (using celebrities to endorse scams).
    • Impersonation is common: fake government or bank websites, fraudulent calls from supposed officials, and forged documents.
    • Digital fraud includes phishing links that steal banking data, fraudulent apps like AnyDesk that give remote control of devices, and fraud call centers that disguise foreign calls as local.
    • Fraudsters also use psychological manipulation techniques like speed, scarcity, and social proof to pressure victims.
  5. Recent Fraud Cases and Their Impact
    • High-profile cases include a fraud against a Saudi artist via a fake government link, a large-scale fraud involving over 20 million riyals impersonating a football club, and a cryptocurrency gang defrauding 280 million riyals.
    • Fraud in real estate rental scams, where fraudsters rent out properties they do not own, was highlighted, with advice to use official platforms like Ejar.
    • Fraudsters sometimes manipulate victims into providing critical data such as National Access and Absher credentials, which can lead to identity theft and further crimes like unauthorized contracts and divorces.
  6. Fraud Trends and Seasonal Patterns
    • Fraud spikes during specific seasons such as Hajj, Ramadan, and major events, exploiting increased demand for services like recruitment, tickets, and donations.
  7. Prevention and Public Advice
    • Do not donate to individuals; use official, verified organizations for charitable giving.
    • Verify websites by checking domain endings (.gov.sa for government sites) and avoid clicking suspicious links or downloading unknown apps.
    • Never share verification codes, banking details, or personal access credentials with anyone.
    • Be skeptical of offers promising unusually high returns.
    • Report fraud immediately via Absher, police stations, or banks to enable rapid freezing of funds—ideally within an hour.
    • If contacted by someone claiming to be from a bank or government agency, verify by calling the official entity directly.
  8. Challenges in Fraud Recovery
    • Recovery of funds is easier if the money remains within the Kingdom; international transfers complicate and slow recovery due to jurisdictional issues.
    • Saudi Arabia is recognized for strong cybersecurity and financial oversight, but fraudsters exploit weaker regulations abroad.
  9. Psychological Aspects of Fraud
    • Fraudsters often have psychopathic traits: intelligence, manipulativeness, and narcissism.
    • They use psychological anesthesia to weaken victims’ critical thinking and foster excessive trust.
    • Victims can be anyone regardless of education or awareness.
  10. Legal Framework and Penalties
    • Financial fraud carries penalties of up to seven years imprisonment and fines up to 5 million riyals.
    • The Public Prosecution operates 24/7 to handle fraud reports swiftly.
  11. Emotional Toll of Fraud
    • The interview shares a poignant story of a woman who lost over 600,000 riyals to

Notable Quotes

— 24:26 — « Fool me once, shame on you. Fool me twice, shame on your comment. »
— 61:50 — « If he takes this code, he can reach your desktop, your mobile computer, he can see what you are doing. He will have a live broadcast on the device. »
— 64:48 — « No matter how high you raise the wall, you put the firewall thick and raise it as high as possible. If he has the key, he entered. Cyber security, no matter how strong we become, is not enough. People must be aware that man is a partner. The one who got the key got in. »
— 82:23 — « The fraudster uses two methods of persuasion: Alpha, increasing the attractiveness of something, and Omega, reducing the resistance surrounding something. »
— 83:18 — « Stability, social approval, speed, consistency and scarcity are the methods of persuasion used by the fraudster. »

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