PREVENT FRAUD by leveraging on smarter AI, to track
Employee behaviour to identify suspicious transactions which is out-of-profile in real-time

With traditional methods in the market relying on static rules, manual controls, or sampling, it takes 18 months on average to detect internal fraud. What is needed is a new technological model that detects and prevents internal fraud before it happens. The problem of internal fraud is one of the most wide reaching fraud typologies, spanning many departments, roles, processes and systems. As a result, it presents a financial institution with a very real challenge of ‘where to begin’. Rather than examining internal fraud as a single problem, it is best viewed as the employee acting as an enabler for a wide range of fraud types.

Internal Banking Fraud Highlights

The A-Z of Internal Banking Fraud highlights the scale of this problem and the different vulnerabilities that internal fraudsters exploit, and explains how advanced anti-fraud technologies can combat it.

Bank employees are uniquely well placed to discover and take advantage of weaknesses in their organization’s internal controls – perhaps by abusing their level of access to the bank’s IT systems or by targeting dormant accounts.

Why BankIQ IFRM?

We are different:
Leveraging on smarter AI, BankIQ IFRM tracks behavior of all employees including front-office/back-office and privileged users (database administrators & IT administrators) as well customers to identify suspicious transactions.

Whenever there is a fraudulent transaction, which is out-of-profile, it blocks the transaction and triggers meaningful alerts.

Banks implementing BankIQ IFRM solution significantly improved internal fraud management by reducing the number of false positives, preventing fraud in a timely manner, and discovering new fraud types.

Use Cases

Theft from Customer

The most understood and prolific internal fraud type is the theft of customer’s money. Typical modus operandi include siphoning funds from vulnerable customers’ accounts, often elderly customers and dormant accounts

Theft from Bank/banks custody

Another internal fraud type is the theft from dormant accounts, suspense account and other ledgers. Typical modus operandi include siphoning funds from these accounts, often in small sums to avoid detection

Credit Abuse

The employee utilises their position and knowledge of the bank to authorise credit either for themselves or for those they know. The intention may not be to defraud the bank of money, rather it is an abuse of their position to give unauthorised credit and hence, puts the bank at additional risk

Money Laundering

An employee knowingly opens an account and processes transactions for customers to launder their money. This can often involve multiple employees working in collusions who circulate and submit fake KYC information