Saudi banks have been ordered to introduce a new pin code system for internet and telephone services to increase security.

The Saudi Arabian Monetary Agency (SAMA) issued the rule requiring the code to be in place from July, the Saudi Gazette reports on Monday.

Banking officials hope the move will reduce the instances of online fraud and help protect customers’ bank accounts.

According to the report, customers will need to enter a new secret number after every transaction online or on the telephone, as well as their name and password.

SAMA official Saqr Al-Arabi said customers will not incur any costs related to the new security number.

“The service is to be offered free of charge, and each bank is left to choose its own appropriate security means,” Al-Arabi told the paper.

“It may be slightly inconvenient for bank customers, but it will help protect their money,” he added.