2026 Saudi Arabia survey of banking leaders on fraud risk

Saudi Arabia’s digital transformation under Vision 2030 has fueled the adoption of digital banking, fintech services, and payments in the country, expanding opportunities for innovation while also creating new opportunities for fraud.

In response, the Saudi Central Bank (SAMA) introduced a comprehensive counter-fraud framework that requires banks to take a more proactive approach to preventing fraud, backed by intelligence-led preventative controls, stronger governance, and closer collaboration across teams. The framework measures how well banks are meeting expectations through a fraud capability maturity model, helping ensure fraud defenses continue to improve as digital banking grows. Together, these measures have positioned Saudi Arabia among the world’s more advanced regulatory environments for fraud risk management.

Based on a survey of 100 fraud and financial crime leaders at banks across Saudi Arabia, this report explores where fraud teams are feeling the greatest pressure, which threats concern them most, and how prepared they are for evolving regulations, emerging technologies, and the next generation of fraud.

In this report, you’ll discover:

• Growing fraud: Banking leaders in Saudi Arabia overwhelmingly report rising fraud attempts and losses. Eighty-five percent of respondents say fraud attempts at their organizations are increasing, with nearly half (47%) describing the increase as “significant.” Meanwhile, 83% say fraud losses are rising, well above the global average of 60%.
• Significant fraud losses: Half of respondents estimate annual losses of greater than $10 million, while nearly one-quarter (22%) report losses exceeding $25 million.
• Insider and synthetic identity fraud seen as top threats: Saudi respondents ranked insider/internal fraud as the most prevalent fraud threat in the country, with synthetic identity fraud receiving an equal number of first-place votes.
• Saudi banks express confidence in fraud controls despite operational challenges: While 96% of respondents rate their bank’s fraud controls as “effective” (with 75% describing them as “very effective”), more than half say their institution still relies on manual reviews. More than one-third of those surveyed in Saudi Arabia (36%) report that fraud investigations at their organization typically take more than two days to complete.
• Saudi banks report relatively high victim reimbursement rates: Nearly half (49%) of respondents say their institution reimburses more than 50% of fraud victims, above the global average of 44%. Twenty-nine percent of those surveyed in Saudi Arabia report reimbursing more than three-quarters of victims, the highest rate among all countries surveyed. 

Download the report to see the full results and accompanying analysis from our global fraud intelligence team.