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Lloyds TSB rolls out software to detect insider fraud

Lloyds TSB has rolled out anti fraud software from Actimize Europe to help it detect and prevent fraudulent activity by rogue employees.

Lloyds TSB has rolled out anti fraud software from Actimize Europe to help it detect and prevent fraudulent activity by rogue employees.

Fraud committed by insiders within retail banks is on the rise and the Financial Services Authority (FSA) is stepping up its activity to reduce this. These activities included examining staff vetting procedures and looking at what customer information staff have access to.

The Actimize Employee Fraud Detection software analyses variations of an employee’s behaviour compared to what they should be doing. “The software then sends a report to the user about how likely the activity is fraudulent,” said Michael Gibb, account director for retail banking at Actimize.

Gibb said the banks use the company’s other products that detect money laundering and help banks comply with FSA regulations.

FSA fines bank >>

Fine prompts drive to secure customer data >>

Your way through the legal maze >>

Actimize Europe >>

Lloyds TSB >>

Comment on this article: computer.weekly@rbi.co.uk

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