Insider Threats

$2 Trillion

per year are lost to insider / occupational fraud, the largest risk to global enterprises

50%

of all fraud losses are initiated by, or assisted by, an insider, whether intentional or not

$412,000 

the average cost per incident with an insider component

Performance

The Cancer from Within

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Organizations lose 5% of their annual revenues to fraud. The Association of Certified Fraud Examiners estimate total global fraud losses of nearly $5 trillion. Among the various kinds of fraud that organizations might be faced with, occupational fraud is likely the largest and most prevalent threat. Occupational fraud – fraud committed against the organization by its own officers or employees – constitutes an attack against the organization from within, by the very people who were entrusted to protect its assets and resources. 

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A C-Level Priority

For digital merchants and financial services companies, applying best practices in the controls and compliance — which includes the monitoring of call centers, fulfillment centers and any other group involved in the approval or processing of transactions or applications — is a must.  Approximately half of insider-assisted fraud costs are due to negligence rather than willful misconduct, but in either case, the damage is significant. 

Best practices to mitigate insider threats using Fraud.net’s end-to-end anti-fraud system include:
1) generate transaction and account audits,
2) create risk and compliance processes,
3) establish workflows, structure, and accountability,
4) analyze activity by operational group,
5) manage findings, remediation plans, and exceptions,
6) enable faster reaction times to mitigate emerging risks, and
7) create a more secure and resilient environment,
all while reducing costs.

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