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Insider fraud risk: How are FSIs identifying the signs of insider fraud and collusion with outside actors in an increasingly complex risk landscape?   

Sponsored by Bottomline
Tuesday 8 February 2022
City Social, Tower 42, 25 Old Broad St, London EC2N 1HQ

Insider fraud has always been a thorny issue for Financial Services Institutions (FSIs), but with the rise in remote working, companies are having to work harder than ever to protect their systems, data and customers from the risk that an employee could go rogue at any time.

But insider risk is no longer limited to disgruntled employees looking to use their privileged access to inflict losses on their company. Malicious actors and organised criminals on the outside have been quick to identify that a financial services firm is only as strong as the weakest link in its human chain. Failure to spot these complex frauds can have potentially catastrophic consequences for a company’s data privacy, reputation, and bottom line.

As a result, FSIs are facing the dual challenge of detecting the signs of insider fraud risk in a distributed workforce while also monitoring for the behavioural and communications markers that an employee may be colluding with a third party. And even once a potential fraud has been identified, fraud and compliance teams face the tricky task of gathering enough evidence to carry out a successful investigation.

To tackle these challenges, many businesses are turning to digital platforms which use machine learning and automated controls to identify suspicious behaviour and build an early warning system for fraud risk.

This roundtable event with industry peers will focus on the key challenges and opportunities for FSI leaders face as they attempt to spot the warning signs of insider fraud and third-party collusion before it is too late.

Topics for discussion:

  • How has the risk landscape for internal fraud changed in the past year, and what methods of concealing fraudulent activities are FSIs seeing?

  • How are FSIs combating the rise in third party collusion, where external actors work with internal employees to carry out scams?

  • What are the key drivers for employees to carry out to internal fraud and what makes them vulnerable to influence from external threat actors?

  • What does outlier behaviour for this kind of fraud look like?

  • What strategies can FSIs use to deter insider fraud and GDPR breaches?

  • What role can automated technologies play in linking external and insider fraud events?

  • How are FSIs using new technologies to build a culture of transparency and responsible data usage?

Timings for the evening:

18:00 – 18:30                   Welcome and refreshments
18:30 – 20:00                   Introduction to fellow guests and roundtable discussion
20:00 – onwards              Complimentary three-course dinner and drinks

Brought to you by FStech