Banking Fraud

Business Situation

  • Major banking organization
  • High volume of high-value transactions
  • Exposure to international currency fluctuations
  • Multiple aspects of banking including deposits, lending, investment and bullion

Key Challenges

  • Eliminate reliance on passwords
  • Control electronic movement of large sums in various international currencies
  • Control access to vendor data and release of payments
  • Provide assurance to stakeholders of the safe-keeping of depositors’ and investors’ funds
  • Monitor any SAP activity considered to offer risk
  • Restrict access to high-level financial data viewing to authorized users only
  • Required tamper-proof logging of all restricted activities, including failed or unauthorized attempts

Major Objectives

A major international bank required biometric security capabilities natively embedded in their SAP system as part of their internal checks and balances requirements. Extensive and successful proof-of-concept and penetration testing was performed before deciding on the implementation. Preventing insider fraud and ensuring compliance with internal procedures were also key drivers.

Areas to be secured included customer-facing personnel who would have access to depositors’ information. Also, inventory movement of funds and precious metals between vaults, recycling of old banknotes and such high-risk activities were high priority areas.

Automatic logging of restricted activities was required to assist with regulatory compliance.

Key Business Outcomes

  • Sensitive financial activities including large wire transfers, loan write-offs and more require biometric credentials and authentication
  • Ability to set threshold field values in certain transactions, above which threshold biometric re-authentication is triggered
  • Silent e-mail alerts and tamper-proof logging of failed activities indicating possible overstepping of a user’s credentials, providing a forensic trail

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