Riyadh, 03 December 2024 – Versos, a premier IT security technology and services recognized for spearheading digital transformation through advanced cybersecurity and infrastructure solutions, announces its plans to launch its Cyber Fraud Fusion Center (CFFC) in the first quarter of 2025. This groundbreaking initiative is designed to help organizations combat cyber fraud threats and ensure compliance with regulatory requirements. The CFFC aligns closely with Saudi Arabia’s Vision 2030, delivering secure, innovative, and scalable solutions tailored to the Kingdom’s evolving needs.
Cyber fraud continues to pose significant challenges worldwide, with financial institutions increasingly required to implement robust anti-fraud systems to mitigate threats and strengthen their cybersecurity posture.
“The Cyber Fraud Fusion Center demonstrates our commitment to supporting Vision 2030’s objective of a secure, digitally advanced Saudi Arabia,” said Ziad Odeh, Executive Director at Versos. “There is renewed vigor in the approach to data protection and cyber security in the Kingdom, spanning industries like energy and banking, evident across the entire country’s digital ecosystem. We have taken significant steps to establish a secure foundation for these systems.”
As part of the CFFC development, Versos signed a Memorandum of Understanding with Group-IB, a global leader in cyber intelligence and fraud prevention, during Black Hat MEA 2024. This partnership strengthens operational capabilities in addressing emerging cyber fraud threats.
The Cyber Fraud Fusion Center boasts a 24/7 Operations Center staffed by expert analysts who provide real-time cyber fraud threat monitoring, mitigation, and minimizing fraud false positives. It features advanced fraud detection tools that offer actionable insights across digital channels to proactively identify and prevent fraudulent activities. The center also provides comprehensive support for managing alerts, policies, compliance reporting, and optimizing anti-fraud measures. Strategic consulting services are also available to help organizations develop robust fraud prevention frameworks.
“We are excited to partner with Versos on the launch of the Cyber Fraud Fusion Center, a groundbreaking initiative that will play a critical role in advancing cybersecurity capabilities across Saudi Arabia. Cyber fraud remains one of the most significant threats facing organizations today, and through this collaboration, we are combining our expertise in cyber intelligence and fraud prevention with Versos’ innovative solutions to provide real-time, actionable insights,” said Dmitry Volkov, CEO of Group-IB. “Together, we are helping businesses build more resilient, secure infrastructures in line with Saudi Arabia’s Vision 2030. This partnership underscores our shared commitment to protecting digital ecosystems and ensuring a safer, more secure future for organizations and customers across the Kingdom.”
Through this partnership, Versos combines innovation with industry-leading expertise to provide enterprises with the tools they need to navigate complex cyber fraud threats effectively. The Cyber Fraud Fusion Center is designed to reduce costs, streamline fraud detection, and enhance resource availability through centralized management. Accurate fraud detection minimizes false positives and accelerates compliance, equipping organizations to confidently face operational and financial pressures.
