Shielding Financial Institutions from Insider Fraud:
The Urgent Need for Stronger Defenses
Insider fraud is a growing threat to the financial services industry, compromising data security, consumer trust and brand integrity. The ACFE estimates that organisations worldwide, across all sectors, lose an average of 5% of annual revenue to fraud, with 80% of these cases involving some form of employee collusion (source: ACFE Report 2024). Collusion enables exploitation of system vulnerabilities, bypassing controls, and concealing fraud, increasing financial losses and complicating detection.
For example, a recent case saw a bank employee alter payment details to divert funds into personal accounts, emphasizing the need for stronger anti-fraud measures.
By implementing robust fraud detection and prevention strategies, financial institutions can better protect their assets, maintain consumer trust and uphold their brand’s integrity.
