Employee Fraud: Understanding the Threat from Within

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Presented by

John Hawkin, Verafin

About this talk

Presented by Verafin In order to protect themselves from evolving external threats, financial institutions continue to strengthen their fraud controls by deploying fraud detection solutions across a variety of channels. However, it is imperative that financial institutions do not overlook the threat from within. Financial institutions are especially vulnerable to employee fraud, as fraudsters within the organization have access to large amounts of personal identification information and financial transactional data, along with access to customer accounts. While these schemes can add up to significant fraud losses for financial institutions and their customers, they can also enable other illicit activity and pose significant compliance concerns. Join us for this insightful presentation, as we discuss the financial and reputational risks, as well as the potential compliance concerns of employee fraud. Learn the tactics used by internal bad actors and best practices to mitigate losses, including how appropriate monitoring of both employee access logs and transactional activity can alert institutions to fraudulent activity by employees. In this educational presentation, you will learn: - The scale of the crime of employee fraud, including the potential for losses and compliance considerations - Review tactics internal bad actors use to commit fraud against financial institutions - Best practices to mitigate losses and protect your institution from internal threats, - including appropriate monitoring and fraud controls

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Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.