Three simple steps can help companies counter internal fraud: 1) be proactive in identifying fraud risks through education and enforcing policies; 2) strengthen employment policies such as background checks and monitoring employee behavior; 3) employ data analytics tools to quickly analyze large amounts of data to identify suspicious patterns and mitigate risks early before significant damage occurs. Wynyard provides powerful software and analytics to help identify fraud and protect organizations.

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UNITED KINGDOM UNITED STATES CANADA DUBAI AUSTRALIA NEW ZEALAND
Three simple steps to help stop fraud
Published by Wynyard U.S. for Jim Oakes, Wynyard Director of Financial Crime and ACFE
Regent Emeritus
STOP OCCUPATIONAL FRAUD

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ABOUT WYNYARD
Wynyard Group is a market leader in risk management
and crime fighting software used in investigations
and intelligence operations by government agencies and
financial organisations. Wynyard solutions help solve and
prevent crime, defend against advanced persistent cyber
threats and counter terrorism. Wynyard’s powerful
software platform combines big data, advanced crime
analytics and tradecraft to identify persons of interest,
stop offenders and protect victims.
Wynyard has more than 120,000 users of its solutions
and offices in the United States, United Kingdom,
Canada, United Arab Emirates, Australia and New
Zealand. For more information visit
http://www.wynyardgroup.com

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JIM OAKES SHARES HIS INSIGHTS ON INTERNAL FRAUD
Jim Oakes has been with Wynyard Group
since 2013 as the Director of Financial Crime.
A former Fraud Squad Detective, Jim is ACFE
Regent Emeritus, a Certified Fraud Examiner
and Certified Financial Crimes Investigator.
He is an invaluable industry expert and
advisor for Wynyard and brings over 30 years’
experience in Fraud, Security and Anti-Money
Laundering.
Jim has deep operational experience having
operated as Financial Crime Director with
some of the world’s largest banks in countries
across Europe, the Middle East, Africa, North
America, and Asia.
https://www.wynyardgroup.com/en/about/indu
stry-advisors/

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INTERNAL FRAUD AND THREAT IS ON THE RISE
The number and frequency of internal
fraud incidents continues to rise,
according to Verizon’s 2014 Global
Data Breach Investigation Report .
The leading cause of insider threat is
staff members taking advantage of
their systems’ access privileges and
using their organizations’ corporate
LAN systems as attack vectors.
Crimes ARE being committed on
company premises.

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INTERNAL FRAUD STAKES ARE HIGH
The consequences of internal fraud
are significant to organizations,
brands and Boards of Directors:
• Financial loss
• Reputational damage
• Losing customers’ trust
• Risk of increased regulation
• Civil and even criminal penalties

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WHAT CAN COMPANIES DO TO COUNTER INSIDER THREATS?
Three simple steps can help alleviate
risk:
1. Be proactive in identifying and
addressing the problem
2. Strengthen employment policies
3. Employ data analytics tools to
quickly process and analyze large
volumes of data to identify events
and relationships of interest

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STEP ONE - TACKLE THREAT FROM THE START
• Educate employees about fraud protection policies and
their responsibility to report suspicious behavior.
• Hold regular meetings to update staff on policies and the
law and reiterate watching for suspicious activities.
• Establish communications channels for those who want
to blow the whistle safely.
• Strict enforcement of password security is essential.

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STEP TWO: STRENGTHEN EMPLOYMENT POLICIES
Strengthen pre-employment checks.
• Don’t rely on an element of trust
• Conduct effective background checks - don’t take job
applicants at their word
• Do not place a candidate who has “references pending”
into any position of trust without a background check
• Use agencies that guarantee they check references and
backgrounds and penalize them if they don’t
• Cross-reference applicants against your organization’s
internal records

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STEP TWO: STRENGTHEN EMPLOYMENT POLICIES
Know your employees:
• Knowing and understanding your
employees is key to management’s
awareness of risk.
• Be cognizant of employees’
behavioral or personality changes.
Are employees requesting
emotional or financial help or taking
uncharacteristic actions?

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STEP THREE: MITIGATE INSIDER RISK EARLY TO MINIMIZE
EXPOSURE
Early detection is the best form of defense.
• Detecting developing threats behind the firewall isn’t
easy.
• Quickly responding gives a much better chance to
prevent the compromise or loss of critical information.
• Early response gives valuable time to understand a
situation, stop the problem from spreading.
• Detecting insider misuse using traditional techniques can
take months or years but by then, the damage has been
done, and sometimes it’s irreparable.
• Analytics help detect suspicious user patterns, identify
and manage internal risk to quickly mitigate potential
threats.

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RELATED NEWS AND LINKS
Insights into the world of an ex-fraudster
Local insurance fraud money-go-round has global impact
The evolution of crime analytics - Turning big data into smart data to help solve crime
Wynyard’s ACA software helps analysts to uncover hidden connections
CONTACT US TO REQUEST MORE INFORMATION ON ADVANCED ANALYTICS
SOLUTIONS TO ADDRESS INTERNAL FRAUD

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