Fraud from the Inside: Effectively Detecting and Preventing Employee Fraud. Phil Collins and Jacob Gutting FIS Risk, Fraud and Compliance Solutions
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1 Fraud from the Inside: Effectively Detecting and Preventing Employee Fraud Phil Collins and Jacob Gutting FIS Risk, Fraud and Compliance Solutions
2 A Little About Us: Who are Jake and Phil? Phil Collins - Product Manager, FIS Risk, Fraud and Compliance Over 25 years in banking Three Financial Institutions in Michigan $700M, $250M, $30B Bank Technology Consulting with RSM McGladrey Product Development and Management Fiserv ITI Premier group Product Manager Risk and Compliance Division Metavante IBS group Jake Gutting Director, Technical Product Management Former Certegy Risk Manager and FIS Decision Solutions Product Management Deposit Fraud and Enterprise Financial Crimes focus 2
3 What s in Store? A Peek Into the Next Hour Tell us about you Your employees critical challenges Fraud, embezzlement, collusion, privacy FIS Employee Fraud Solution Why monitor employee fraud? Strategic direction 3
4 Tell Us About You Core system? Your role: Audit? Fraud? Operations? Centralized Financial Crimes Unit Today? Planning? Employee monitoring: Audit? Department? Fraud analysts? Issues?
5 Your Employees Critical Challenges Imagine Your Financial Institution is Alive
6 The Life Blood of Your Organization Talent Ideas Relationship Teamwork Employees Educated Everything Expectations Everyone of them Unique backgrounds and lives Pressures concerns and worries Six degrees of separation Employer relationship 6
7 Employees are a Critical Asset Becoming the Softest Part of Our Defenses Firewalls / network monitoring shutting down hacker channels Exploiting human vulnerabilities is comparatively easier. Compromised Credential s key loggers and other malware Fraudsters soliciting employees directly Social engineering to understand defenses or get information Organized crime Leveraging planted employees to extract data or move funds Focus on troubled or compromised employees Turmoil in the banking industry Personal impact may result in bitterness or financial worries. Portrayal of banks by the media as villainous can lead to feelings of entitlement. 7
8 How Does it Happen? Employee Migration to the Dark Side Rationalization Opportunity The Fraud Triangle Pressure Break with conscience I ll pay it back. Start small and simple Expand as they discover new techniques Deepen their involvement to cover past actions External coercion Organized crime and fraud rings are targeting your employees 8
9 The Story of Joyti De-Laurey Former Goldman Sachs Employee Stole $6.5 million in 24 months Trusted secretary to executives Targeted her bosses and their spouse s personal accounts Undetected by bank s systems Discovered by her boss in 2002 Sentenced in 2004 to a 7 year sentence Served 3 years and released 9
10 Collusion: Getting Help from the Inside An estimated 22% of external fraud has internal ties Employees selling account takeover data Internal account takeover Fraudsters working through specific employees to avoid detection Loan Fraud Pyramid building Ties to organized fraud rings and organized crime Outside-in planting an employee to facilitate various financial crimes Coercing compromised employees to cooperate with fraud exploits Lucrative incentives to recruit new operatives 10
11 The Solution FIS Employee Fraud Detection
12 FIS Employee Fraud Detection Stored employee activity data from FIS systems Common taxonomy to facilitate analysis All types of employee system actions Inquiries Financial and Non-Financial Transactions Maintenance activity Additional transaction data as needed Proprietary employee fraud analytics and business rules Point and click query engine to facilitate research Preloaded processing can be modified to fit individual client needs 12
13 Fraud Detection Analytics Case Management Employee Fraud System Alert Ingestion Data Sources Enterprise Fraud Components AML E-Payments ATM/Debit Employee Systems Integration Layer Deposit Shield And More Core Systems Teller Systems Other Systems 13
14 Sophisticated Analytics are Key More Precise Mining of Data Employee profiling Learn normal behavior for individuals and roles Flag unusual activity for individual Flag unusual activity for someone in users role GL Account and customer fee manipulation Internal account takeover discovery Dormant account pilfering Identify employee Self dealing Discovery of related activity between users Restricted account access 14
15 Sophisticated Analytics with Client Control Parameter driven thresholds and sensitivity to tailor output to your institution Variance from norm before system generates an alert Time between incidents that makes them related Criteria for determining restricted accounts Reflect internal bank policies in monitoring program Reporting and escalation criteria. Interactive parameter control by authorized users 15
16 FIS Employee Fraud Differentiators Tightly integrated into FIS Banking systems Sophisticated analytics superior to business rules Pre-populated analytics focus on common fraud exploits Learn patterns from your data flow Self Adjusting over time Client developed models for unique situations Quickly run custom queries Using point and click detection and research tool Gain insight into current employee activities Perform forensic research to support fraud cases Test potential new detection models 16
17 Alert Detail Screen Shot Employee Fraud Alert Detail Screen Shot 17
18 DART Dart Screen Shot 18
19 RCM Alert / Case RCM Screen Shot 19
20 Why Monitor for Employee Fraud?
21 Be Proactive! Harden Defenses to Protect Your Organization Ensure a healthy blood stream Minimize losses by catching fraud / data theft exploits early Identify employee collusion with external financial crimes Reduce temptation by introducing a credible barrier Capture forensic data necessary to support termination / prosecution Create a culture of trust: Without a way to monitor, everyone is a suspect Reduce likelihood of compromised employee credentials 21
22 Strategic Direction
23 The Road Ahead FIS Employee Fraud Detection Core Integration Employee Fraud Detection roadmaps IBS Q Q Q Q Systematics Q Q Build out Employee Fraud Environment (ASP) Employee Fraud Detection Initial General Availability Full Production and System enhancements Develop Systematics integration components General Availability through integrated components Additional core integration Q Explore Profile integration options Q Q Define integration plan Target General Availability 23
24 The Road Ahead Employee Activity Analytics Employee Activity Analytics umbrella (candidates) Workforce Management Staffing for productivity Develop marketable schedules Employee onboarding analytics Employee Fraud investigation assistance and management Integration of new technologies Links to physical security systems Workstation Fingerprinting 24
25 Scam 1 Scam 2 Scan 3 Scam 4 Comprehensive Financial Crimes Mitigation An Enterprise View Full view of customer behavior Correlation Enrichment Customer-based Scoring Prioritization Presentation Research Decisioning Action (Stop, Hold / Return) Management Dashboard Loss Prevention Tracking Investigation Litigation Prosecution
26 Questions and Answers
27 Potential Damage Assessment Margins are Tough Already! 25% + Estimated % of Revenue Lost to Employee Fraud 20-24% 15-19% 10-14% 5-9% 1-4% 0% 0% 10% 20% 30% 40% 50% Source: Infosurv Nov
28 Thank You Phil Collins Jake Gutting
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