Wolters Kluwer Financial Services has expanded its Wiz Sentri: Anti-Fraud solution to help U.K. financial institutions combat insider fraud. According to the Minneapolis-based technology provider, the solution's Internal Fraud module helps firms continuously monitor for internal fraud in real time through a platform of services that includes a rules engine, analytics, digital forensic archiving and case management technologies, improving institutions' ability to prevent fraud before it occurs.
Pointing to the results of an April 2009 survey by the Association of Certified Fraud Examiners (ACFE), Wolters Kluwer Financial Services noted in a release announcing the enhancement that the majority of financial fraud is committed by or with the help of a firm's own employees, and that the current grim global economic situation has likely contributed to a growing worldwide fraud problem. "These statistics are especially concerning as many individuals who commit fraud have become more desperate and increasingly sophisticated in their efforts," said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services' Financial Intelligence Unit, in the release.
The Wiz Sentri: Anti-Fraud platform was designed to help an institution continuously monitor in real time employee and customer activity deemed "out of scope" of currently authorized behavior. The system uses sophisticated analytics running across applications and data sources at the institution to help prevent theft before it occurs instead of trying to recoup losses after the fact, said the vendor. If fraudulent activity is detected, the solution can facilitate and automate its investigation by providing a framework for gathering and managing important forensic information. The platform records and stores application data in a compressed and digitally signed format, permitting strong evidentiary tracing of this activity that can help in a court of law.
The provider contends that the monitoring service's patent-pending technology seamlessly plugs into an institution's existing network, resulting in a faster implementation at a fraction of the cost of traditional monitoring systems and enabling the monitoring of legacy and Web-based systems for suspicious activity using a single set of services. According to Wolters Kluwer Financial Service, it also enables the swift development of anti-fraud rules to keep up with a rapidly changing regulatory environment and allows the solution to be scalable across large enterprises.