Norkom Internal Fraud solution

The Norkom Internal Fraud solution helps financial institutions to protect their reputations and preserve brand values by managing internal fraud effectively. Internal fraud has many dimensions, ranging from misappropriation of funds to stealing information.  Other issues include theft from customers, evasion of controls to introduce high-risk business or misuse of internal accounts. Norkom offers a broad range of capabilities to address many aspects of internal fraud within a single solution.

Key benefits of Norkom’s Internal Fraud solution

• Detects internal fraud with a standard detection scenario library covering account takeover, theft from customers, general ledger misuse, policy violations, elder abuse and theft of information
• Conducts fully-audited forensic investigations with market-leading enterprise alert and case management capabilities
• Uses automated Mass Compromise Analysis to uncover potential insider participation in organized fraudulent activity
• Visualizes complex transactional, personal and business relationships with Link Analysis
• Monitors Key Risk Indicators to ensure internal controls are operating correctly.

Internal Fraud Detection

Norkom detects internal fraud by screening the financial and non-financial activities of all employees as they complete their daily tasks. Sophisticated profiling and analytical techniques are used to sift through large volumes of data to find suspicious and unusual patterns that require detailed investigation. Norkom protects the assets of the financial institution and its customers by monitoring all accounts, both internal and external, for malicious activity.

Link Analysis

Norkom’s Link Analysis module is used to uncover hidden relationships between employees and other parties. Link Analysis uses recursive searching techniques to find connections between suspect employees and other high-risk entities. Link Analysis uses a number of linking methods to create associations including common beneficiary, familial relationship, geographic location, temporal relationship and business relationship.

Mass Compromise Analysis

Because it is critical to uncover organized fraud activity that affects multiple entities and may take place over an extended period of time, the Norkom Internal Fraud solution includes the capability to uncover systemic fraud, where an employee has acted alone or in collusion with others to defraud many customers. The Norkom Internal Fraud solution makes it possible to identify this type of fraud by examining the relationship of employees to those customers who have become victims of fraud.

The Extendable Internal Fraud Solution

Norkom’s Internal Fraud solution can be deployed standalone or as part of an overall Norkom Multi-Channel Fraud solution.  Because all Norkom’s financial crime and compliance solutions are built on a single, underlying enterprise architecture, you can extend the solution at any point in the future with minimal effort. Extending the Norkom Internal Fraud solution across other types of fraud also means that you can begin to link internal fraud events with suspicious activity in other products or channels. 

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