Combat Fraud: Uncover the Real Identities Strengthen your identify verification processes with Profile Finder+. Match applicants’ contact details with their online footprint. Don’t be a victim of fraud - spot the fakes with confidence. www.netwatchglobal.com/profile-finder/
Jonathan Drake IMPROVING AGILITY, MAINTAINING INTEGRITY Technology continues to improve our lives in many ways. It makes many tasks infinitely easier; we have access to exponentially more data than ever before, and the demarcation between reality and virtual reality seems to be ever decreasing. Consumer expectation has changed; our customers rightfully expect greater transparency, and a high standard of service delivered to them quickly. Exciting new tools help us to build capabilities that deliver what the customer expects, but is fraud getting worse, or are we just getting better at stopping it? I am frequently asked this question, often followed by queries asking how we are using technology to stop fraudsters in their tracks. For me, there is some truth in the quote ‘the more things change, the more things stay the same’. At a basic level, all fraudsters take a genuine process and exploit that for their own gain. Whilst the methods and tools they use have clearly become far more sophisticated, the basic premise remains unchanged. And while it may be convenient to think of fraud as a problem that can be solved, given the earliest reported frauds occurred circa 300B.C., the likelihood of even the best technology stopping the problem altogether is very low. We see cyber-enabled fraud and risks increasing, but volume isn’t the only indicator. With methods changing, we are also finding and reporting on more cases than ever before. Complexity is also a measurement, and cyber enablement arguably makes it easier for the would-be fraudster to do many things, such as creating a fake alias, altering an image, or even stealing data. However, it’s not all bad news, and we need to remember the fact that most people are still genuine. Whilst technology creates opportunities for fraudsters, it also enables the industry to build multiple layers and controls. This not only helps to identify fraud, but more importantly, it helps the business to achieve its goals and protect its honest customers. The ever-increasing blend of human expertise and machine intelligence means that trends and issues can be identified in record time. Our key areas of focus lie around… Agility. The world of fraud is changing faster than ever before. We must monitor and respond to those trends very quickly, whether that means re-training machine learning models, or introducing new controls. Integrity. Whilst fraudsters are not bound by law and regulations, we are. It is therefore essential to maintain expected standards, whether that relates to the tools we use, the way we process data, or the outcomes we deliver to customers. People. Our people are one of our greatest strengths in fighting fraud, and we are always introducing new technology to support them. Automating basic tasks frees their time for complex issues, improving our agility whilst maintaining our integrity. Ben Fletcher, Head of Financial Crime, LV= General <strong>Insurance</strong> FIGHTING MALICIOUS INSIDER THREATS Today’s digital world presents businesses with an ever-evolving list of threats to navigate, but ‘Insider Risk’ is one that has been with us since the start, and it will never go away. But what is it? Well, if you need to ask, then you’re probably not doing enough to guard yourself against it! Insider risk is a threat to a firm that comes from its people. These can be employees, former employees, contractors or business associates – essentially anyone who has insider information. We all want to think the best of the people we work with, but it’s important to remain vigilant and protect yourself, your brand and your customers. Today, I’ll focus on what I consider the most pertinent form of insider risk; ‘malicious insider’ threats. A malicious insider is an individual who intentionally seeks to harm their organisation by stealing data or sabotaging systems, as opposed to an individual who makes an error or becomes a victim through naivety. An effective mitigation strategy combines technical controls, organisational policies, and behavioural monitoring. Outside of this, it is obviously preferable for businesses to mitigate against insider threats at source, by conducting thorough background checks during the hiring process to identify any red flags that may indicate potential for malicious behaviour. There are now several online tools, including our own Profile Finder+, which can link contact information to social media accounts, leaked datasets and hidden profiles. By vetting employees in this way, and conducting appropriate and thorough due diligence, your firm can better avoid the bad actors who pose the biggest threat. Of course, screening and background checks won’t mitigate against any unforeseen issues that arise in an employee’s personal and professional lives. Employee Assistance Programmes and regular staff surveys can go a long way towards addressing underlying issues with an individual before they consider resorting to malicious actions. Josh Bonser, Analyst Team Lead, NetWatch Global MODERN INSURANCE | 43
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