Source: Wolters Kluwer Financial Systems
Wolters Kluwer Financial Services announced today that it has expanded its Wiz Sentri: Anti-Fraud solution to help U.K. financial institutions combat insider fraud. The solution's Internal Fraud module helps firms continuously monitor for internal fraud in real-time through a platform of services that includes a rules engine, analytics, digital forensic archiving and case management technologies. By doing so, institutions are better able to prevent fraud before it occurs and stop funds from ever leaving the organisation.
The Association of Certified Fraud Examiners (ACFE), the largest anti-fraud organisation in the world, published the results of a survey in April indicating the majority of financial fraud is committed by or with the help of a firm's own employees. Nearly half of the 500 plus Certified Fraud Examiners who responded said they believed financial pressure, caused in large part by a weak global economy, has contributed to a growing worldwide fraud problem.
"These statistics are especially concerning as many individuals who commit fraud have become more desperate and increasingly sophisticated in their efforts," said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services' Financial Intelligence Unit. "A system like Wolters Kluwer Financial Services offers can help institutions catch these people before they are successful, avoiding considerable financial and reputational losses in the process."
Wolters Kluwer Financial Services' Wiz Sentri: Anti-Fraud platform can help an institution continuously monitor in real-time employee and customer activity deemed "out of scope" of currently authorised behavior. The system uses sophisticated analytics running across applications and data sources at the institution to help prevent theft before it occurs instead of trying to recoup losses after the fact.
If fraudulent activity is detected, the Wiz Sentri: Anti-Fraud platform can facilitate and automate its investigation by providing a framework for gathering and managing important forensic information. The solution records and stores application data in a compressed and digitally-signed format, permitting strong evidentiary tracing of this activity that can help in a court of law.
Wiz Sentri: Anti-Fraud's monitoring service utilises a patent-pending technology that seamlessly plugs into an institution's existing network, resulting in a faster implementation at a fraction of the cost of traditional monitoring systems. The platform can monitor legacy and Web-based systems for suspicious activity using a single set of services. This unique architecture is of particular value to large institutions with heavy investments in legacy systems. It also enables the swift development of anti-fraud rules to keep up with a rapidly-changing regulatory environment and allows the solution to be scalable across large enterprises.