The improved technology helps businesses combat insider fraud by enabling them to make greater use of threat profiles, data visualizations, and sophisticated case management techniques.
 

Recently, Quadrant Knowledge Solution's 2023 Spark Matrix TM for Insider Risk Management identified Bottom line's Internal Threat Management Solution (ITM), which has already garnered media attention, the market leader. By developing dashboards that show crucial information and attempts to access essential financial systems, the improved solution expands on its "record and replay" screen capture technology for non-intrusive insider surveillance and traces them back to illegal users. Additionally, it offers over 100 potential threat profiles to IT and security experts, based on Bottomline's vast experience in identifying and countering insider fraud.
 

A greater problem than most organizations realize is the surge in insider credential access, employee, and consultant data breaches and theft. And the consequences can be disastrous. According to a Ponemon Institute analysis from 2023, businesses acknowledged underfunding their insider risk initiatives and prioritizing response over prevention.
 

According to Omri Kletter, Vice President of Risk Solutions at Bottomline, "a cultural commitment to insulate our customers from financial crime is a tightly woven component in our business payments DNA." "The growing threat is genuine, regardless of the intentions behind it, even if it's just criminal actors planning ransomware assaults while posing as insiders. This is made clear by our newly improved Insider Threat Management system. We collaborate closely with partners, clients, and the industry to provide comprehensive fraud protection capabilities that meet the growing number of use cases across all industries.
 

With the help of data and technology, Bottomline's next-generation internal threat technology gives financial institutions on-premise and SaaS-based fraud management solutions. Risk teams can leverage screen-by-screen record and replay technologies together with hundreds of analytical scenario rules to replace log files for post-fact manual audits.
 

As per the Association of Certified Fraud Examiners, an average insider fraud case in 2022 will result in a loss of $117,000 and take a year to be discovered. Risk specialists may analyze, categorize, and report possible frauds within a broad ecosystem as opposed to isolated occurrences by merging data from several platforms.
 

With years of experience safeguarding some of the biggest companies and financial institutions globally, along with machine learning-enriched data, Bottomline's technology helps uncover abnormalities quickly, accelerating investigations by pointing out unexpected activity or threats. The system facilitates the rapid detection of insider behavior, including external fraud initiated from within, by visually mapping relationships between odd activities and users, regardless of whether the threat is malevolent or not.