Frauds carried out by bank employees are a huge global problem. In its 2020 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) assessed 2,504 cases of internal fraud from 125 countries, which led to estimated losses of $3.6bn. Banking and Financial Services accounted for the largest share of internal fraud cases examined by the ACFE, with 15.4% of the total. 

The A-Z of Internal Banking Fraud highlights the scale of this problem and the different vulnerabilities that internal fraudsters exploit and explains how advanced anti-fraud technologies can combat it. Bank employees are uniquely well placed to discover and take advantage of weaknesses in their organization’s internal controls – perhaps by abusing their level of access to the bank’s IT systems or by targeting dormant accounts. 

But FinTech anti-fraud solutions are improving all the time – their ability to identify and block suspicious activity in real time is becoming the first line of defense against the biggest fraud risk in banking.

As digital channels have multiplied, so have the routes that fraudsters can use. And their options are about to expand again with the implementation of Open Banking.

Against that troubling background, this paper examines the best practices for an effective technology-based prevention.

Download this eBook to understand:

- Latest digital banking fraud case studies

- The looming challenges of Open Banking & PSD2

- The risks: how and where cyber fraud happens

- Your weaknesses: the three C's- customers, controls, and culture

- The case for technology: eight reasons why it wins

- Outlines for a tech-led solution: behavioral data analytics hold the key