The Saudi Arabian banking and financial industry has seen a significant increase in online fraud and associated losses in recent years:

  • Over 4.84 million accounts were opened remotely without verifying the customer’s identification, according to the Saudi Central Bank (SAMA). This accounts for 55% of all remotely opened online accounts.
  • More than half of respondents surveyed across the region reported an increase in fraud (by 6% or more) over the last 12 months, with 52% of fraud originating from digital channels.

To combat this growing threat, the Saudi Central Bank (SAMA) has established a Counter-Fraud Framework to enable financial organizations to effectively identify and address fraud risks, assess maturity levels, and evaluate the effectiveness of counter-fraud controls. This initiative is essential for safeguarding the integrity of Saudi Arabia’s financial system and supporting the Kingdom’s Vision 2030 goals of economic diversification and digital transformation.

This whitepaper delves into the critical aspects of SAMA’s Counter Fraud Framework and how Customer Identity and Access Management (CIAM) solutions from Aujas Cybersecurity can assist organizations in achieving compliance. By leveraging this guidance alongside CIAM solutions, Aujas Cybersecurity can enable financial institutions to:

  • Develop a cyber anti-fraud strategy
  • Identify and evaluate fraud by assessing threats and vulnerabilities
  • Conduct risk and potential fraud assessments
  • Implement fraud scoring and ranking systems
  • Communicate fraud-related information to relevant stakeholders
  • Automate the fraud management lifecycle using CIAM
  • Establish a Cyber Anti-Fraud (CAF) audit program

About us

Aujas cybersecurity is a pure-play cyber security service provider for organisations across the APAC, EMEA, and North America regions. Aujas helps organisations build and transform security postures to mitigate new-age threats by leveraging its deep human expertise and state-of-the-art cyber security solutions.