Bottomline Updates Insider Fraud Prevention Tool
Business payments company Bottomline has debuted an updated fraud prevention kit.
The company announced its enhanced Insider Threat Management solution Thursday (Feb. 22), saying it helps banks and non-banking financial institutions use data visualizations, threat profiles and advanced case management strategies to combat insider fraud.
“Whatever the motivations, including bad actors plotting ransomware attacks while disguising themselves as insiders, the ever-growing threat is real,” Omri Kletter, the company’s vice president of risk solutions, said in a news release.
“Our newly enhanced Insider Threat Management solution brings this reality to the forefront. We work closely with the industry, our customers, and partners to deliver broad fraud prevention capabilities to address increasing use cases across all sectors,” Kletter added.
As PYMNTS wrote earlier this month, the threat of insider fraud remains a challenge for banks and businesses, as modern employees enjoy unheralded access to sensitive data and financial assets, and this new accessibility has also opened the door wider than ever before to potential insider threats.
“The ease with which individuals can compromise security protocols poses a significant threat, demanding a proactive approach to detection and defense,” that report said. “Identifying red flags, whether it be unauthorized access to sensitive databases or unusual financial transactions, requires a combination of advanced technology and strategic risk management.”
However, companies that rely on manual processes to fight fraud are more likely to fall victim to insider fraud than firms that invest in automated expense management solutions.
“Once you go digital, there’s a lot of extra metadata that’s flowing between the systems, so you’re no longer sitting and doing reconciliation and closing the books manually, because you already know what the invoice was, what the fees were, whether the payment was or was not settled, all of this is very quickly captured without human input,” Karandeep Anand, chief product officer at Brex, told PYMNTS in August.
“And that’s important, because accounting teams just can’t keep scaling — you can’t keep having humans constantly in the process to pay out, track the payments, reconcile them, it very quickly becomes very error-prone,” he added.
Meanwhile, research from PYMNTS Intelligence has shown that virtual cards and digital spend management solutions can help finance departments close the books faster while guarding against fraud at the same time.
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