Acting up: What are FSIs doing to mitigate the risk of insider fraud?

FStech and Bottomline are conducting a survey to assess how the financial services industry is dealing with rising cases of internal fraud.

Please fill in this brief survey to help us build a snapshot of industry trends along with key challenges and opportunities for organisations as they look to tackle the growing risk of fraud as new ways of working are embedded in company culture.

Once the results of the survey are published, we will be sure to send you a copy as a thank you for taking the time to fill this in.

Questions

1. Which of the following are currently a challenge for your organisation? (Select all that apply)

Insider fraud - financial theft
Insider fraud - data leakage
External fraud - financial theft
Collusion between insiders and external bad actors (financial theft or data leakage)
Collusion between insiders (financial theft or data leakage)
Impersonation fraud (APP or BEC)

2. Which of the following factors heighten the threat of insider fraud risks at your organisation? (Select all that apply)

Remote / hybrid working
Lack of employee monitoring when accessing business critical systems
Failure to thoroughly vet new hires
Oversharing of sensitive data

3. How does you organisation address insider fraud? (Select all that apply)

Procedures and policies
Division of duties
Awareness training of staff
Employee monitoring tools

4. How confident are you that your organisation is sufficiently protected against insider fraud? (Select one)

Not at all
Somewhat
Reasonably confident
Very confident

5. Which departments are responsible for preventing and investigating insider fraud? (Select all that apply)

Security department
Specialist insider fraud prevention team
IT department
HR department
Compliance department
Risk department
Not sure
Other (please state)

6. What do you view as the most important areas to monitor to mitigate insider fraud? (Select top three)

Employee email
Employee chat communications
Employee access to business-critical application (e.g. applications with sensitive information)
Workplace device call/messaging (e.g. mobile phone/tablet)
In-office communications
Access history to shared folders
Workplace devices (e.g. Laptops, phones)
Employee social media accounts
Employee emails, chat communications and internet search history

7. On a scale of 1-5 How likely are you to invest in insider fraud risk management software in the next two years

1 very likely
2
3
4
5 highly unlikely

8. Which outside organisations do you collaborate with to gather knowledge about insider risk? (Select all that apply)

User forums
User groups (Please specify)
LinkedIn
Other (Please specify e.g., ACFE, ACFCS etc.)
None, we only rely on internal departments

9. Do your investigators have enough suitable information available when investigating instances of possible insider fraud? (Select one)

Yes, the required information is available for investigation
Somewhat, they have most of the required information for investigation
No, they are lacking large amounts of critical information needed for investigation
No, they may have suspicions but lack the suitable information needed for their investigation

10. If you are using automated solutions for insider fraud, what could make them more effective? (Select top three)

More accurate alerts with less false positive alerts
More detailed information on the alerts that are generated by the system
Better user experience
Higher coverage of employee activities
Move away from siloed ad-hoc solutions to an integrated / holistic solution
Move away from a solution that needs agents installed on each endpoint, into a less intrusive solution
Link analysis capabilities to get the overall picture

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