Internal Fraud Prevention

Global internal fraud losses are estimated at $3.6bn in 2022, with banking and financial services being most affected. In a world of instant payments, banks need to focus on providing a better customer experience by reducing friction in the payment chain. It is becoming increasingly difficult to detect and prevent internal fraud before it impacts your customers and your reputation. Traditional methods that rely on static rules and manual controls are too slow to react. An alternate approach is required, that uses new tools and methods.

NetGuardians’ Internal fraud solution provides financial institutions with the right tools to track employee behaviour and tie this in with customer transactions. This includes identifying front office/back office control bypass, privileged user abuse (e.g. database administrators & IT administrators) as well as collusion. In the event of a potentially fraudulent transaction that is out-of-profile, it blocks the transaction and triggers a meaningful alert, ready for investigation by the right team.

Banks implementing NetGuardians’ AI solution significantly improve internal fraud management by preventing fraud in a timely manner, reducing the number of false positives and discovering new fraud types.