Three of the top five US banks already rely on Actimize fraud solutions, but Lloyds TSB will be the first UK retail bank to implement the company’s new Employee Fraud prevention solution.
The Employee Fraud software represents the third generation of technology used to mitigate internal threats. First-generation solutions typically involve manual searches, while second-generation offerings use technology to automatically run defined queries. Third-generation products, like Actimize Employee Fraud, run complex and intelligent analytics against multiple data sources across the enterprise and mine data for expected and unexpected patterns.
According to a leading analyst firm, over 60% of fraud is committed by employees, commented Bruno Piers de Raveschoot, director for Europe at Actimize. Lloyds TSB is leading the way for other UK financial institutions to address this important issue with best of breed technology that automates the detection and prevention of questionable behavior.
