BioCatch Saudi survey: 85% see rising fraud attempts, 96% rate controls effective
Saudi banking leaders overwhelmingly report rising fraud attempts and losses ↗
What happened
- BioCatch commissioned a survey of fraud-management, AML and compliance team leaders at Saudi banks.
- 85% of Saudi respondents see fraud attempts increasing every year and 83% see fraud losses increasing.
- Half of respondents say their bank loses more than $10 million annually to fraud and scams; 22% report losses above $25 million.
- 96% of Saudi respondents rate existing fraud controls as effective, and 75% describe them as very effective.
- 53% of respondents say their investigative process still relies on manual reviews.
- 50% of respondents say their bank is actively procuring or implementing new fraud-prevention solutions, the highest rate of any surveyed country.
Why it matters to Signicat
- BioCatch is using Saudi banking survey data to market behavioral fraud detection to banks, a market adjacent to Signicat's document and authentication offerings; Signicat's Saudi presence is not evidenced in supplied context.
Evidence from the source (7 quotes)
- “The survey was commissioned by BioCatch, which prevents fraud and financial crime by recognizing patterns in human behavior.” source ↗
- “the vast majority of those leaders see fraud attempts (85%) and fraud losses (83%) at their institution increasing every year” source ↗
- “Half of those surveyed say their bank loses more than $10 million annually to fraud and scams, while nearly one-quarter (22%) of respondents report annual losses exceeding $25 million.” source ↗
- “nearly all (96%) of those surveyed in the country rate their existing fraud controls as effective, with 75% describing them as “very effective.”” source ↗
- “more than half (53%) of Saudi banking leaders say their institution’s investigative process still relies on manual reviews” source ↗
- “half of Saudi banking leaders say their bank is actively procuring or implementing new fraud-prevention solutions, the highest rate of any country surveyed” source ↗
- “Closing that gap will take earlier detection and closer collaboration across the financial ecosystem.” source ↗
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6 of 6 facts verified against the source · confidence high · claude-haiku-5-5