http://www.darkreading.com/insiderthreat/security/government/showArticle.jhtml?articleID=220301087 By Kelly Jackson Higgins DarkReading Oct 05, 2009 A former Wachovia Bank executive who had handled insider fraud incidents says banks are in denial about just how massive the insider threat problem is within their institutions. Meanwhile, the economic crisis appears to be exacerbating the risk, with 70 percent of financial institutions saying they have experienced a case of data theft by one of their employees in the past 12 months, according to new survey data. Shirley Inscoe, who spent 21 years at Wachovia handling insider fraud investigations and fraud prevention, says banks don't want to talk about the insider fraud, and many aren't aware that it's an "epic problem." "There needs to be more training around this issue," says Inscoe, who co-authored a book about bank insider fraud called Insidious -- How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them [1], which publishes later this month. "We are seeing a huge increase in this country of organized crime rings threatening individuals who work in financial institutions and making them [commit fraud on their behalf]," she says. Meanwhile, according to a new survey by Actimize, nearly 80 percent of financial institutions worldwide say the insider threat problem has increased in the wake of the economic downturn. "A significant number of folks are being impacted more than a couple of years ago," which is when the last survey was conducted, says Paul Henninger, director of the financial crimes product group at Actimize. The Actimize survey found that only 28 percent of financial institutions had not suffered an insider breach in the past 12 months. [1] http://www.amazon.com/exec/obidos/ASIN/0982527209/c4iorg [...] ________________________________________ Did a friend send you this? From now on, be the first to find out! Subscribe to InfoSec News http://www.infosecnews.orgReceived on Wed Oct 07 2009 - 02:32:55 PDT
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