Friday, May 27, 2022
Beware of misleading Forex ads with quick Profit - Saudi Public Security
The Standing Committee for Awareness and Warning Against the Unauthorized Activity of Trading in Securities in the Foreign Exchange Market (Forex) called on the general public to be careful and watchful of the methods used by persons or entities that promote unlicensed forex and digital currencies, which involve high risks and exhaust their money and savings and their exposure to fraud.
In a press statement, the committee warned against accounts on social media and websites that trolling Saudi nationals and resident expatriates impersonating the names and pictures of well-known personalities with the aim of misleading them to enter into fake investment projects.
- The committee called for the importance of making sure on the reliability of websites and ensuring their authenticity, through refer to the website of government departments and make sure they have necessary licenses. Trending : Penalty for destroying or disabling public property utility facilities in Saudi Arabia
- The committee added that the misleading advertisements that are published on websites and social networking sites take advantage of the large number of visitors to these sites and they put responses to their stories and comments.
- The aim of them is to deceive the reader of the legitimacy with their actions. Social media platforms are used for paid promotion by promoting through personalities who have a high presence in social media, suggesting to the public that this activity enjoys systemic legitimacy.
- The committee called on everyone not to respond these misleading advertisements and not to deal with these unlicensed parties, no matter how varied their methods and to report this to the police department to take necessary measures in this regard. Most Viewed : A young Saudi woman discovers she is a male after 20 years
- The permanent committee, which was formed by order of the High Commissioner, is concerned with raising awareness and warning against the activity of trading in securities in the unlicensed foreign exchange market (Forex) and the marketing of unlicensed digital currencies with all their names and derivatives, media, the Ministry of Commerce and the Central Bank of Saudi Arabia.
- The committee to work on permanent coordination with the relevant government authorities to curb the phenomenon of marketing for investment and trading in unlicensed forex activities, as well as dealing in unlicensed digital currencies confronting them.
- The regulatory authorities in Saudi Arabia follow up on suspicious practices, and control these violations and violators and monitor them and deal with it in as per the regulations of the Kingdom in force. Follow Saudi Expatriates on Linkedin
