Big Data fights banking fraud – Joël Winteregg explains how in Banque et Finance

Want to learn about how Big Data best helps protect banks from internal fraud and client information theft? Be sure to check out NetGuardians CEO Joël Winteregg’s article in November’s special "banking IT" edition of Banque et Finance.

Fraud and data theft present a critical concern for banks in Switzerland and around the world. FINMA recently outlined nine principles to reinforce client data confidentiality in an update to its 2008/21 circular on operational risk. Some institutions look to Data Loss Prevention (DLP) technology to track sensitive data. But this technology often reveals an Achilles heel: it tends to focus solely on the technology infrastructure, leaving a heavy management resource burden and leaving out "the human factor".
The human factor – Joël’s example is a rogue employee photographing client information on a smart phone. It’s much more complex to spot than a download onto a USB. That’s why smart behavioral analysis is needed to analyze the global activity picture.

NetGuardians’ solutions for banks are an example of Big Data technology that is capable of performing large-scale analysis – recognizing the minute manipulations that can signal the potential for breach. It watches over all activity, spots patterns of suspicious behavior, and sounds alerts to enable proactive action.

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