Helping banks and businesses reduce insider fraud
PORTSMOUTH, N.H., Sept. 27, 2022 (GLOBE NEWSWIRE) -- Bottomline, a leading provider of financial technology that helps make business payments simple, smart, and secure, today announced its inclusion in a recently published Gartner report “Market Guide for Insider Risk Management Solutions.”
The Market Guide focuses on how the increase in a hybrid or remote workforce, compounded with additional vendor integration, has prioritized risk management as a focus area for security and risk management leaders. It assists in understanding and implementing a comprehensive insider risk management program.
Against a backdrop of working from home and a widely reported increase in insider fraud, it is unsurprising that banks and businesses are looking to vendors to help manage this challenge better. According to Gartner, the market consists of tools and solutions to monitor the behavior of employees, service partners and key suppliers working inside the organization, and to evaluate whether behavior falls within expectations of role and corporate risk tolerance.
“Insider fraud is a trifecta of rationalization, opportunity, and pressure,” said Omri Kletter, Global VP of Product and Strategy for Fraud & Financial Crime, Bottomline. “Unfortunately, the pandemic has exacerbated many drivers of that fraud triangle, creating a perfect storm of conditions that support acts of insider fraud.”
The Market Guide states insider risk may involve errors, fraud, theft of confidential or commercially valuable information, or sabotaging computer systems. It also quotes organizations have spent an average of $15.38 million in 2021 to deal with insider threats — up 34% from the $11.45 million in 2020.
Bottomline’s recently published 2022 Business Payments Barometer confirms the problem is rife, citing 52% of business in Great Britain and almost 2 in 3 businesses in the United States claim to have seen an increase in insider fraud and collusion with more employees working from home. Industry insights from the Market Guide echo this increase stating remote workers are the primary source of criminal prosecutions for insider risk.
Linked to the movement of money and payment messages, Bottomline’s fraud and financial crime solutions help companies evaluate whether users’ behavior falls within the expectations of roles and corporate risk tolerance, and alerts on any abnormal activity before transactions are completed. Bottomline’s multi-award-winning fraud prevention and financial crime technology already helps more than 600,000 companies protect their business from potentially fraudulent activity.
*Gartner, “Market Guide for Insider Risk Management Solutions”, Jonathan Care, Paul Furtado, Brent Predovich, April 18, 2022.
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Bottomline makes business payments simple, smart and secure for businesses and financial institutions, of all sizes, all over the world. More than 10,000 corporate customers, 1,400 commercial and business banks, including 15 of the top 25 global banks, rely on our industry-recognized payment and software platforms to accelerate digital transformation in a complex world of business payments and financial management. Bottomline solutions touch customers and payments in 92 countries across six continents. Our teams serve the world from primary locations in the United States, the United Kingdom, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio company of Thoma Bravo, a highly respected software-centric private equity firm with $122 billion in assets under management. For more information visit www.bottomline.com.
John Stevens or Jacqueline Powell