Bureau, a global leader in identity decisioning solutions, has entered into the Kingdom of Saudi Arabia (KSA), offering cutting-edge 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 promises to fortify the financial sector against fraudulent activities while streamlining customer onboarding processes. SAMA is the first but surely not the last regulatory body to emphasize consumer protection and fraud prevention.
Bureau’s innovative approach is founded on three pillars: mapping digital personas to physical identities, analyzing behavioral 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. This holistic approach addresses the shortcomings of traditional methods and provides unparalleled security and efficiency.
“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 behavior analysis, we provide a robust defense 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 continuous transaction screening and monitoring solutions coupled with the fraud prevention suite that is an industry-leading combination of device fingerprinting and behavioral AI is already a hit among several partners and customers in the GCC region.
Mr. Preekshit Gupta, Bureau’s Vice President, said that “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 defenses against fraudulent operations.
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