Title: Bureau Enters Saudi Arabian Market, Bolstering Fraud Prevention in KSA’s Financial Sector

Bureau’s Entry into the Saudi Arabian Market

Ranjan Reddy, CEO of Bureau, a leading identity decisioning solution provider, announced the company’s entry into the Saudi Arabian market on November 6, 2023.
The announcement comes as businesses in the Kingdom grapple with new anti-financial fraud regulations set by the Saudi Arabian Monetary Authority (SAMA).

Bureau’s advanced platform provides identity verification, fraud prevention, compliance management, and risk mitigation services.
These services are designed to protect the financial sector against fraudulent activities while streamlining customer onboarding processes.

Bureau’s unique approach to anti-financial fraud is grounded in the following three pillars:

Mapping digital personas to physical identities: This process allows Bureau to verify the authenticity of digital identities and match them with their corresponding physical identities.
Analyzing behavioral activity: By analyzing patterns in user behavior, Bureau can identify unusual activity and potential indicators of fraud.
Building an identity network through link analysis: By assessing the connections between different identities and transactions, Bureau can uncover relationships and networks that may be indicative of fraudulent activities.

Preekshit Gupta, Bureau’s Vice President, expressed the company’s enthusiasm about partnering with local banks and fintechs.
The sophistication and growth rate of the Saudi market make it a highly encouraging environment for fraud prevention solutions.

Bureau’s entry to the KSA market arrives at an opportune time, as the new SAMA Consolidated Fraud Framework (CFF) mandate requires banks to establish anti-financial fraud units and enhance employee and customer awareness.
By helping financial institutions meet these requirements, Bureau will reinforce the financial sector’s defenses against fraudulent operations.

The financial sector in Saudi Arabia has shown resilience and adaptability, embracing the latest technology and regulatory changes to ensure secure and efficient transactions.
With the support of companies like Bureau, KSA’s financial sector is positioned to further strengthen its defenses against financial fraud and maintain its position as a global leader.