Insider fraud accounts for 60 percent of bank fraud cases where a data breach or theft of funds has occurred, yet in the last three years, just nine percent of financial services data breaches were a result of insider fraud. This “begs the question of how many of the incidents are actually communicated to affected customers,” says Celent in its new report “Internal Fraud: Big Brother Needs New Glasses.”

The report goes on to estimate that 50 percent of all insider frauds go unreported, and opines that “banks need to take internal fraud prevention to an even greater level,” by further controlling which personally identifiable information is visible to employees, cracking down on storage devices, along with the implementation of an enterprise fraud system with alerts, reporting, predictive analytics and an intelligent dashboard.

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