Bank Fraud Prevention via Insider Threat Detection

According to a recent report co-authored by the U.S. Secret Service, 48 percent of data breaches over the past six years are the result of insider fraud. The fallout: over 900 million compromised records and countless losses due to brand damage and breach clean-up costs.

But

What's worse is how difficult insider threats can be to predict. According to ACFE, 85 percent of insider fraud is committed by employees whose records, up to that point, are clean.

This type of fraud occurs daily, and often goes undetected for weeks or months at a time. In fact, chances are that it’s happening in your organization right now.

What if. . .

• You could turn your reactive approach to fraud into a proactive one?
• You could reduce months of investigation time to a matter of days or hours?
• You could quickly examine behavioral trends across multiple applications and get ahead of fraud?
• You could examine all historical data to draw out linkages you had no way of seeing before?
• You could see fraud as it actually occurs and respond proactively—instead of cobbling together cryptic, incomplete information generated by scattered enterprise systems?

With Luminet enterprise fraud management software, you can.

Luminet helps banks, credit unions, and other financial institutions see the big picture, identify fraudulent activity upfront, and gather the intelligence needed to take informed action. It does this by:

• Detecting fraud in a matter of hours, versus months or years.
• Proactively identifying suspicious patterns and pinpointing anomalies. 
• Providing 100 percent visibility across multiple data channels.
• Enabling you to run queries against historical data to identify fraud you never even knew existed.
• Validating policy compliance.
• Creating a forensically sound audit trail with session replay of user activity.

In these ways, Luminet helps guard against the leading threats affecting the banking industry today.

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