Saudi man loses SR500,000 after giving bank details given to caller

Dubai: A Saudi man was swindled out of 500,000 riyals that were withdrawn from his bank account after he gave his bank details to a scamster claiming to be from his bank, local media reported.

The 40-year-old victim was shocked when he received a message from the bank notifying him that half a million riyals was withdrawn from his account and deposited in a establishment’s account registered under a woman’s name.

The fraud happened when the victim provided the fake caller with his bank information and the verification code he received via a text message on his phone.

According to reports, the man received a telephone call on his landline. The caller identified himself as a bank employee and told the victim that he needs to update his bank information to prevent hacking.

The victim then gave the fraudster his IBAN and pin code number. In less than a minute he was called again by the cheater asking him for the verification code, which he provided to him.

The victim filed a complaint and was told that he made a mistake by giving his bank details to a scamster. “I had SR500,000 stolen from my bank account,” the victim said. Both his and the organisation’s accounts have been frozen until the completion of investigations.