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Bureau enters Saudi market to strengthen SAMA-mandated fraud framework

By Delisha Fernandes

November 06, 2023

  • Bureau
  • Compliance Management
  • Financial Sector
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Bureau, fraud decisioning, identity verification, fraud prevention, compliance management, financial sector, Fintech news, Fintech Saudi ArabiaBureau, a global identity decisioning solution, has announced its entry into the Kingdom of Saudi Arabia (KSA), offering unique identity verification, fraud prevention, compliance management, and risk mitigation services.

As businesses in KSA grapple with the latest anti-financial fraud regulations set forth by the Saudi Arabian Monetary Authority (SAMA), Bureau’s robust platform aims to fortify the financial sector against fraudulent activities while streamlining customer onboarding processes.

Ranjan Reddy, CEO of Bureau, said, “Bureau is excited to bring its advanced Fraud Prevention solutions to the KSA market. As financial institutions and businesses in Saudi Arabia seek to comply with the new anti financial fraud regulations set by SAMA, our solution offers a comprehensive, one-stop product suite for identity, risk, fraud, and compliance needs. By combining digital and physical identity verification with behaviour analysis, we provide a robust defence against fraud. Our platform’s low-code approach ensures seamless integration, while real-time decision-making capabilities set us apart from traditional data brokers.”

Bureau’s innovative approach is founded on three pillars: mapping digital personas to physical identities, analysing behavioural activity, and building an identity network through link analysis. By combining these elements, Bureau assesses the riskiness of transactions as well as identities and detects anomalies that could be indicative of fraudulent activity.

Preekshit Gupta – Bureau’s Vice President, said “The sophistication of the Saudi market and the rate at which the ecosystem is growing is very encouraging and not at all surprising – we are excited to partner with local banks and fintechs to take fraud prevention to the next level.”

Bureau’s entry into the KSA market couldn’t be more timely, considering the new SAMA CFF mandate, which requires banks to establish anti-financial fraud units and enhance awareness among employees and customers. Bureau is committed to supporting financial institutions in meeting these requirements, thereby fortifying the financial sector’s defences against fraudulent operations.

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