RIYADH: Saudi official entities have warned against the use of forex trading on their official Twitter accounts.

Forex, also known as foreign exchange trading, is the exchange of one currency to another for trading purposes. 

The warning, reported by the Saudi Central Bank, Capital Market Authority and the Kingdom’s ministry of commerce, read: “Do not lose your money because of your dealings with people or entities promoting unlicensed forex.”

Saudi Arabia is accelerating steps towards protecting the financial system. 

Earlier this month, the Saudi Central Bank directed banks to halt the option of opening online accounts for individuals or institutions as part of new security measures.

Similarly, the Saudi Capital Market Authority has issued a circular obliging financial institutions not to accept initial public offering applications without prior verification, Argaam reported, citing unnamed sources. 

This comes as an increase in fraud has been observed recently, through impersonation of platforms that sell goods or provide services, with names of official entities, to obtain access data on electronic banking service.