NetEconomy, the global leader in financial crime management and compliance solutions, and a business unit of Fiserv (NASDAQ:FISV), today announced that it has expanded its Financial Crime Suite to include a next-generation employee monitoring application designed to help financial institutions reduce revenue losses and protect against the growing threat of internal fraud.
NetEconomy's Financial Crime Suite will be fully integrated with the employee fraud platform from Intellinx, the innovative leader in end-user behavior tracking solutions. The combined offering delivers a first-of-its-kind, cross platform surveillance, investigation and case management system for complete employee visibility in corporate applications across a financial institution's enterprise
"Employee fraud poses a significant threat to financial institutions, as studies indicate firms lose an estimated five percent of their annual revenues to insider fraud. To continue to safeguard organizations and our clients against financial crime, we are pleased to expand our fraud solution with Intellinx's proven employee fraud detection system used by major credit card companies, insurance firms and banks around the globe," said Sebastian Kuntz, chief executive officer of NetEconomy. "New clients can leverage one fully integrated solution for financial crime detection and management, while existing NetEconomy customers can expand their coverage to employee monitoring quickly and easily with this new offering."
"Insider threats such as information leakage and employee fraud have become a top concern for organizations. As the financial costs of data security breaches by insiders can be overwhelming, organizations are increasingly looking for solutions to address these threats. A series of incidents in recent years have demonstrated the need for early detection of fraud by insiders," said Dan Yachin, senior analyst of IDC. "By providing visibility to user activity with user behavior analysis at the application level, the combined solution of NetEconomy and Intellinx can provide early alert on suspicious activities that can be used to effectively protect against insider threats."
"Intellinx is very excited about this opportunity to deliver together with NetEconomy and Fiserv an integrated solution with a unique business value for employee fraud detection," said Orna Mintz-Dov, chief executive officer of Intellinx. "Financial institutions that deploy our combined offering will benefit immediately - with no need for time-consuming integration with an organization's systems or applications. In this way we can help customers to jump-start their program for fast protection against employee fraud."
NetEconomy's Employee Fraud Manager solution powered by Intellinx delivers a non-invasive system that records and analyzes all interaction between employees on any corporate business application across all major platforms. Unique features include:
- Real-time Alerts - customizable rules track all employee activity (including screens and keystrokes) and behavior patterns with real-time alerts generated on suspicious events
- Record and Replay - all end user interaction with host is recorded and can be replayed with full user sessions
- Advanced User Activity Search - complete forensic audit trail allows the internal auditor, for example, to search for all the users who accessed a specific account number within a specific timeframe
- Suspicious Behavior Investigation - investigation tools provide link analysis, peer group analysis and detailed access to all historical employee activity
- Case Management and Reporting - tracks, prioritizes and manages suspicious cases and generates internal or regulatory reports as needed