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Global ATM Security Alliance focuses on insider fraud
May 4, 2006
LONDON - One of the biggest sources of fraud in financial services is insider collusion, according to the ATM Industry Association's Global ATM Security Alliance. To address the fraud, which includes collusion at the management level, GASA has added a new set of best practices to its solutions gallery on its Cognito global crime management system.
GASA's new Insider Fraud category analyzes typical ATM and POS crimes, including physical, electronic and cyber attacks. It also outlines countermeasures and preventive best practices.
According to financial services firm KPMG LLP, ATM crime perpetrated by organized crime and managers accounts for about 90 percent of the United Kingdom's fraud cases, totaling approximately £14.4 billion (U.S. $26.8 billion) in annual losses.
More than 80 percent of computer-based bank-related fraud involves employees, according to GASA. Some of these fraudsters also are inadvertently re-employed in the industry.
"Reviewing, updating and tightening recruitment and personnel monitoring practices, internal controls, corporate governance and risk-management systems can all provide the industry with a much-needed antidote for this spreading disease of insider fraud," ATMIA chief executive and GASA founder Mike Lee said. "ATMIA is determined to do its bit to encourage new and reinforced defense strategies and best practices in this field."
For more information, contact Mike Lee.
Included In This Story
ATM Industry Association (ATMIA)
The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.
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