Bottomline takes a stand against insider fraud with ‘enhanced’ solution

23 Feb 2024

Bottomline, which specialises in business payments, has unveiled enhancements to its technology that is aimed at combating insider fraud within banks and non-banking financial institutions.

Bottomline’s newly-enhanced ‘Internal Threat Management Solution’ (ITM) equips organisations with advanced tools, to make better use of data visualisations, threat profiles, and enhanced case management strategies to detect and prevent fraudulent activities from occurring within their businesses.

By incorporating “record and replay” screen capture technology and creating dashboards that highlight critical data and financial system access attempts, Bottomline’s ITM solution provides IT and security professionals with more than 100 threat profiles based on the company’s extensive experience in combating insider fraud.

Bottomline reports that data violation and theft by employees, consultants, and those with access to insider credentials is on the rise and cited a 2023 report by the Ponemon Institute, which suggested that companies admitted to underfunding their insider risk programs and spending more money on remediation than prevention.

“A cultural commitment to insulate our customers from financial crime is a tightly woven component in our business payments DNA,” said Omri Kletter, vice president of risk solutions at Bottomline.

“Whatever the motivations, including bad actors plotting ransomware attacks while disguising themselves as insiders, the ever-growing threat is real.”

Kletter added: “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.”

According to the Association of Certified Fraud Examiners, in 2022, a typical case of insider fraud lasts 12 months before detection, and results in an average loss of $117,000.

By combining screen-by-screen record and replay technology with analytical scenario rules, risk teams can identify anomalies and unusual behaviours that may indicate potential fraudulent activities, ultimately expediting the detection process.

Whether the threat is malicious or unintentional, the ITM solution visually maps connections between suspicious activities and users, facilitating faster detection of insider activity and external fraud initiated from within.

Further listening: The future of competitive advantage in banking and payments – Bottomline’s Zhenya Winter, head of global marketing, financial messaging and Edward Ireland, joint head of commercial product management on the Open Banking Expo Unplugged podcast.