Employee Fraud: Anticipate a Resurgence

Thirty-nine percent of FIs plan to invest in a new employee fraud technology solution in the next one to two years.

Boston, January 16, 2020 – In recent years, employee fraud has not been very high on the list of fraud types that financial institutions have prioritized for technology investments. But the economy has begun to falter in recent months, and employee fraud incidents always increase when the economy goes south. Can FIs prepare for the upsurge of employee fraud before it affects them?

In anticipation of the expected resurgence in employee fraud, this Impact Report looks at the issue of employee fraud, including policies and procedures in the industry, employee monitoring mechanisms, fraud loss trends due to employee fraud, and planned technology investments. It is based on an online survey of 23 U.S. FIs that Aite Group conducted in September and October 2019.

This 34-page Impact Report contains 29 figures and two tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions BAE Systems, FIS, Fiserv, Global Vision Systems, Intellinx, LexisNexis Risk Solutions, Nice Actimize, Oversight Systems, SAS, Splunk, and Verafin.

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