Saudi Arabia is tackling fraud and financial crimes

 

SAS, the leading provider of business analytics software and services that has delivered solutions to over 50,000 sites in over 100 countries, including 93 of the top 100 companies on the 2010 FORTUNE Global 500® list, is taking the lead against fraud and financial crimes by organizing a seminar entitled, ‘Fraud Risk – Preparing your Business for the Challenges Ahead’ to be held on October 16, 2011 at the Hilton Garden Inn Hotel in Riyadh, Saudi Arabia.

The event aims to act as a strategic venue to discuss timely issues like the battle against enterprise fraud; integrated fraud risk management practices and fraud detection in insurance cases. The move follows a recent industry report from leading business intelligence and research firm, Chartis, revealing that the global market for financial crimes risk management technology will grow to USD 4.3 billion by 2013, with the Middle East region growing at a rate of eight per cent from USD 735 million in 2011 to USD 793 million in 2012.

According to SAS, the Middle East region has seen an increase in fraud and financial crimes over the last few years. Instances of these crimes show the vulnerabilities of a company or an organization across different sectors. To make matters increasingly alarming, these crimes have become more complex and engineered by a more sophisticated and tech-savvy kind of criminal, continuously changing tactics, and focuses on different channels to spawn new type of attacks that traditional fraud management strategies are not designed to address. During the event, SAS is expected to leverage its wide range of ‘Anti-Fraud Management’ solutions to various businesses across the Kingdom to help avoid instances of fraud and other cyber crimes.

“With the growing occurrence of fraudulent and financial crimes, companies and organizations today should take action and place high priority in implementing key solutions and applications to avoid these situations,” said Marcel Yammine, Country Sales Manager, SAS Saudi Arabia. “We are now seeing a key trend in the adoption of a more risk-based approach to managing fraud, which has driven in new and strategic policies, procedures and systems to monitor the risk related to these crimes. In line with this, we are looking to promote and increase awareness on the significance of using our integrated suite of anti-fraud solutions to help companies remain one step ahead and maintain a feeling of confidence and security against cyber-criminals.”

 


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