The bank discovered that the process in place, although effective, was highly customised which made it difficult to scale and modify the technology as the bank’s needs evolved. It determined that a cloud-based solution with robust, built-in features would provide more flexibility and give the bank more in-house control.
It turned to Bottomline Technologies to explore upgrade options to its existing fraud solution. Bottomline has been a trusted partner to the bank for more than a decade and worked with it to scope out the fraud prevention requirements, including internal behaviour monitoring needs.
Ultimately the bank chose Bottomline’s Insider and Employee Fraud solution to provide the expanded insider fraud monitoring the bank needed to build a more effective defence against internal threats.
As part of Bottomline’s Fraud and Financial Crime Management solution set, the cloud-based Insider and Employee Fraud platform employs user behaviour analytics to quickly identify unusual user activity and stop harmful actions before the damage is done. The bank was particularly interested in the solution’s unique ability to track all user and account activity in a non-invasive manner, which allowed business to be conducted without interruption.
Other appealing features included seamless connectivity across multiple platform types (i.e. mainframe, internet, mobile) as well as screen-by-screen replay functionality and cross-channel behavioural profiling. With changing work environments and a shift to increased remote employees, the bank realized it required a more aggressive approach to stay vigilant and fight internal fraud.
The upgrade, which the bank implemented directly out-of-the-box (no customization needed) and chose to host on Amazon’s cloud, included a library of more than 100 pre-set fraud detection rules. The fact that the solution was ready to go as is, made it a streamlined implementation process and allowed the bank to quickly strengthen its defences against internal attacks and human error.
The bank chose to activate 70 pre-set rules and Bottomline’s Insider and Employee Fraud now seamlessly monitors the activity of numerous employees, accessing more than 5M accounts, across multiple applications and platforms. This activity equates to 400K internal transactions daily, all monitored in real-time and all tracked with screen-by screen, auditable trails.