“Before the implementation of bioLock™, we relied on traditional passwords to control users logging on and executing workflow transactions. We now have a secure audit trail that proves who actually performed a financial function. If a user has not been specifically authorized for a critical activity, they are prevented from executing that activity. We have substantially improved our control of crucial finance functions.”
MAJOR PHARMA MANUFACTURER
Preventing Financial Fraud
Unauthorized financial activities and Segregation of Duties violations by insiders represent the most dangerous threats in your security landscape. Organizations lose at minimum 5% of annual revenue to various forms of fraud*. Enterprise systems are not the only source of fraud but can be the “low-hanging fruit”. Control mechanisms including SoD that rely on knowledge-based security (passwords) are easily circumvented by password “borrowing”. The resulting unauthorized financial manipulations can lead not only to financial loss, but also to other undesirable outcomes such as money-laundering, invoice tampering, procurement fraud, data loss or even regulatory violations such as Sarbanes-Oxley.
Key threat vectors include:
- Procure-to-Pay Cycle
- Electronic Movement of Funds
- Fraudulent Accounting Entries
- Segregation-of-Duties (SoD)
- Regulatory (i.e. Sarbanes-Oxley)
Only upgraded Identity Management of users via biometrically activated profiles and credentials can overcome the security gaps that password-based security cannot.
*Association of Certified Fraud Examiners