Resecurity delivers fraud prevention platform to protect Saudi banks


Fraud Prevention Platform, Saudi Banks, Actionable Intelligence, Cyber Threat Intelligence

California-based company Resecurity protecting major Fortune 500s globally has started the integration of their Fraud Prevention Platform in major financial institutions within the Kingdom of Saudi Arabia.

The first pilot projects have been arranged with several leading banks in the region including payment networks. Considering the rapid surge of financial fraud in the region, the solution will enable banks in Saudi Arabia to protect consumers of payment services and assist them in the recovery of stolen funds.

The solution delivered by Resecurity is fully compliant with the latest SAMA Counter Fraud Requirements and is intended to achieve compliance with the latest regulations. Banks will be able to detect early-warning indicators of suspicious activity, as well as to apply behavioural detections – for example, if there was a change of mobile device, geographical location, network settings and variety of other metrics.

The Platform includes Mobile SDK available for Apple iOS and Android allowing to integrate Fraud Prevention into banking mobile apps, fintech and e-commerce applications to stop account takeover.

Resecurity is an official member of FS-ISAC (Financial Services Information Sharing and Analysis Center) and has a team of analysts focused on financial crime investigations and risk management whose expertise accelerate anti-fraud team operations. One of the key focus areas of the company besides robust technology – tracking of high-risk individuals and businesses, along with actors originating from the Dark Web.

Just recently the company disrupted one of the major investment scams networks called Digital Smoke defrauding Internet customers by providing tools of pseudo investments into non existing products including energy, oil & gas, and financial services. Experts from Resecurity identified a large network of money mules and fraudulent merchants involved in the illegal activity and shared their findings with law enforcement in the US and India.

“Our Fraud Prevention solution promotes the reduction of blind spots banks suffer from by equipping them with a specialised Fraud Prevention Platform to protect their customers while at the same time minimising their losses,” said Christian Lees, Chief Technology Officer (CTO) at Resecurity.

The technology relies on robust Data Science and Machine Learning support including actionable Risk Intelligence which our investigators are continuously collecting worldwide, they also collaborate with law enforcement and with the national financial industry regulators.

One of the key features of the platform – Graph-based analysis and a robust Machine Learning (ML) framework allowing to process Big Data with millions of financial transactions and profiles of businesses and individuals. The company applies proprietary filters to detect suspicious operations as well as identify account takeover at the early stage to support anti-fraud units take timely action.

Resecurity collects actionable intelligence about high-risk individuals involved in fraudulent activity – that information is used for anti-money laundering compliance as well as enhanced due diligence by fraud prevention and risk management teams. The intelligence about such actors is shared with law enforcement and banking community what allows to disrupt their activity.

Saudi police said Thursday they had arrested 13 expatriates in the eastern city of Dammam for fraud. The suspects, all Pakistani residents, are accused of impersonating a false identity and defrauding several people by sending them false text messages claiming their bank cards had malfunctioned and needed to be updated.

The trick gave the suspects access to the victims’ bank personal identification numbers (PINs) and enabled them to withdraw money from their personal accounts in collaboration with a Pakistani residing outside Saudi Arabia. Saudi Arabia’s General Directorate of Public Security posted pictures of the suspects after their arrest.

Last year Resecurity successfully accomplished multiple projects related to Cyber Threat Intelligence implementation and Cybersecurity Assessment for the leading financial institutions in KSA and accelerated the total channel partnership sales across the region on 280 percent. The company successful showcased their intelligence-driven solutions at World Defense Show in Saudi Arabia and past Blackhat KSA event.


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