Cutting-Edge Detection and Defense Capabilities, Identified by Analysts as Market Leaders in the Fight Against Insider Fraud
PORTSMOUTH, N.H., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Bottomline, a global leader in business payments, launched enhancements to its technology to help banks and non-banking financial institutions monitor, detect, and prevent fraud from happening inside the business. The enhanced solution supports organizations to better use data visualizations, threat profiles and advanced case management strategies in fighting insider fraud.
Already making headlines, Bottomline's Internal Threat Management Solutionwas recently named the market leader in Quadrant Knowledge Solution's 2023 Spark Matrix for Insider Risk Management. The enhanced solution builds on its "record and replay" screen capture technology for non-invasive insider monitoring by creating dashboards that illustrate critical data and core financial system access attempts and tracks them back to unauthorized users. It also provides information technology and security professionals with more than 100 potential threat profiles based on Bottomline's extensive experience in detecting and defending against the scope of insider fraud.
A bigger challenge than most institutions recognize, data violation and theft by employees, consultants, and those with access to insider credentials is on the rise. And the ramifications can be devastating. A 2023 report by the Ponemon Institute suggests that companies admitted to underfunding their insider risk programs and spending more money on remediation than prevention.
"A cultural commitment to insulate our customers from financial crime is a tightly woven component in our business payments DNA," said Omri Kletter, Vice President of Risk Solutions, Bottomline. "Whatever the motivations, including bad actors plotting ransomware attacks while disguising themselves as insiders, the ever-growing threat is real. Our newly enhanced Insider Threat Management solution brings this reality to the forefront. We work closely with the industry, our customers, and partners to deliver broad fraud prevention capabilities to address increasing use cases across all sectors."
Bottomline's next-generation internal threat technology combines the power of technology and data to provide financial institutions with both on-premise and SaaS-based solutions to tackle fraud. Instead of relying on log files for post-fact manual audits, risk teams can use screen-by-screen record and replay technology along with hundreds of analytical scenario rules. According to the Association of Certified Fraud Examiners, in 2022, a typical case of insider fraud lasts 12 months before detection and results in an average loss of $117,000. By combining data from different systems, risk experts can investigate, triage, and report potential frauds within an expansive ecosystem rather than in isolated cases.
Using data enriched by machine learning and years of experience protecting some of the world's largest corporations and financial institutions, Bottomline's technology helps to rapidly spot anomalies, speeding up investigations by identifying unusual behavior or risks. Whether an internal threat is malicious or unintentional, the technology visually maps connections between unusual activities and users, expediting the detection of insider activity, including external fraud initiated from within.
About Bottomline
Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline's secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 30 years of experience, moving more than $10 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $130 billion in assets under management. For more information, visit www.bottomline.com. For more information visit www.bottomline.com.
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