Under the Radar: How can financial institutions mitigate the risk of insider fraud?

Insider fraud threats are increasingly growing within Financial Institutions (FIs). With the rising pressure from higher living costs and economic uncertainties, remote and hybrid working solutions are creating more opportunities for fraudulent activities, and with an evolving digital landscape expanding the domain for attacks, internal threats and the risk of employees committing fraud are growing.

Demonstrating this alarming growth, the annual cross-sector Insider Threat Database (ITD) produced by not-for-profit membership association Cifas found that that the number of insider fraud cases increased 14% year-on-year (YoY) in 2023, with “dishonest action to obtain benefit by theft or deception” identified by 49% of respondents as the most common action.
What the report covers:

• Responsible departments
• Measures to detect insider threats
• Automated solutions
• Frequency of malicious insider threats
• Most prevalent insider threats
• Finding evidence
• Legislation
• Privacy concerns
• Risk management strategies
• Top priorities