AML CHALLENGES
Homegrown risk:
The growing threat of insider fraud
T
hese are just a handful of cases ripped from recent headlines. Unemployment, debt and the
economic downturn can influence individuals to resort to crime. A flourishing underground
economy and highly sophisticated schemes are changing the face of internal fraud.
Organizational vs. individual relationships
While most institutions are focused on external threats, they have become increasingly vulnerable to malicious insiders: current or former employees, contractors, trusted third parties or
other business partners who have authorized access to an organization’s network, systems,
data or other assets. Celent, a search and advisory firm serving the financial community, estimates that approximately 60 percent of bank fraud cases involving a data breach or theft of funds
are the work of an insider. In addition to fraud, sabotage and theft of intellectual property also
present serious insider threats.
18 ACAMS TODAY | MARCH–MAY 2011 | ACAMS.ORG