Source: Global ATM Security Alliance
The Global ATM Security Alliance (GASA) has added a new set of best practices for preventing insider fraud to its Gallery of Solutions on its 24 x 7 online Cognito global crime management system.
KPMG's annual Fraud Barometer has shown that the two biggest classes of perpetrators of fraud in the UK have been organised crime and managers, which, together, tend to account these days for almost 90% of UK fraud cases, adding up to approximately £14.4bn in annual losses between them.
It is now well-known that a significant proportion of bank-related fraud is committed by, or with, the collusion of internal employees. There are even cases of fraudsters being inadvertently re-employed in the industry.Some estimates suggest that over 80 per cent of computer-based frauds involve employees.
The Financial Services Authority (FSA) in the UK has reported a number of cases in which individuals working for financial services firms were coerced into providing information for outsiders who have then used that information to commit fraud.
GASA has now added the category of Insider Fraud to its online Gallery of Solutions which looks at typical ATM and POS crimes, including physical, electronic and cyber attacks, outlining countermeasures and preventive best practices. GASA is the security division of the ATM Industry Association (ATMIA).
"Reviewing, updating and tightening recruitment and personnel monitoring practices, internal controls, Corporate Governance and risk management systems can all provide the industry with a much-needed antidote for this spreading disease of insider fraud," commented Mike Lee, CEO of ATMIA, and founder of GASA. "ATMIA is determined to do its bit to encourage new and reinforced defence strategies and best practices in this field."