Fraudulent activists are more advanced than here. Presently they utilize tools that are developed using machine learning and are proficient of initiating attacks in distinct methods. They are using multiple devices to pursue activities and sniff intimate information. Financial sectors are constantly on unusual risks because of hacker’s prospects and obviously, they will be able to perceive a lot if they succeed in a bank scam. Therefore they continuously try to get their hands in the financial sector. Seldom they succeed due to the due diligence of KYC and AML by banks and consequently, they suffered the consequences and fines from financial authorities. The financial sector should not only apply KYC and AML compliance programme for their customers but they should also keep an eye on their employees. There is a greater risk to financial industries for the insider attacks. If any of your employees shake hands with fraudulent this could be more dangerous because employees already know about how to get access or if he is much technical he could be able to find out the vulnerability in your financing system and can track payments through it and can damage the whole system. It is requisite for financial sectors to verify if their employees are not fraudulent. They must implement KYC and AML checks on employees. If any of employee is trading online financial sector must apply Online Address Verification to confirm if he is using real identity.

Risks Posed from Insider:

An insider attack is considerably better for fraudulent than traditional hacking tactics. Disclosure of critical information can lead to a tremendous decline in the financial sector. Multiple risks are imposed on financial sectors by insiders but they can evade them by keeping an eye on critical scenarios, by implementing stringent policies and regulations and by installing latest tools to detect and report any suspicious activity. Many risks are imposed on the financial sector from an insider, some of them include Disclosure of Confidential Information, Undesired disclosure of account data and Monetary loss. Insider threat could be from anyone who has associated with financial organization anyhow. It could be financial advisor, Employees or extended enterprises. Most of the time some employees support money launderers in money laundering and get their commission. So banks must use Best AML Software for Banks to prevent Money Laundering. Financial and even every industry should try his best to secure identities of their clientele and prevent a data breach. According to a report, Equifax’s breach affected 143 million Americans and the number is still growing. This was one of the biggest security breach faced by financial institutions. These threats from the outside world are very serious as cyber attacks are very evolved now. Banks must install strong KYC and AML compliance software to combat all these fraudulent activities but cases are also reported due to the involvement of insiders with fraudulent. No matter what is the size of your organization you should take some measures to prevent inside or outside cyber attack. Money is not the only thing that is valuable in banks and keeping it in a vault secured by dial is not enough. Customers data is the more valuable thing that includes their Names, DOBs, Addresses, Credit card numbers, Account information and much more.

How to identify Insider Theft

Rogue will do anything to get intimate information. Financial institutions should keep this information fully secured by applying the identity verification check. Financial institutions can use Biometric identification to verify about the employee who is demanding authority to any confidential information. Login and passwords for intimate information must not get in the hands of any other employee instead of authorized. Create separate login accounts for all employees and keep them tracking to avoid suspicious activities. This will also eliminate the theft of fraud from shared accounts. Most of the employees use share accounts for fraudulent activities because it becomes tedious to pursue fraudster from a shared account. Network access should be secured for all employees. Always recognize the fake attempt to log in from any account and respond quickly on multiple wrong attempts from any user. Ensure AML Compliance and data handling.


Take Measures to Mitigate the risk

Financial institutions and banks can thwart insider theft quite efficiently by taking some strong measures against it. Keep monitoring your company’s network continuously to find out any suspicious activity and especially monitor a most privileged employee who can do more damage. Try to apply the policy of least privilege, give access to employees only for the data they need to do their job efficiently they might use extra information for malicious activity. Use Face Verification System check to grant access to employees of any intimate information otherwise he might transfer funds from customers account and scrub logs to obscure evidence.