Enhancing internal fraud prevention for Šiaulių Bankas
Challenge
In order to prevent external and internal threats, Lithuanian bank Šiaulių Bankas has decided to enhance the internal fraud monitoring system by clearly communicating the intolerance of prohibited behavior and introducing new monitoring technologies. The advanced system is expected to identify risks and human errors more accurately as well as tighten fraud prevention.
Solution
To meet the above expectation as well as strengthen internal preventive measures and speed up the identification process, Šiaulių Bankas and NRD Cyber Security have agreed to improve the bank’s internal risk monitoring system. A multi-component solution has been proposed: one of the most important parts is the creation of an increased risk algorithm, which enables the exclusion of employees with increased risk to commit internal fraud. Another important element of the proposed solution is a software that not only facilitates the identification and analysis among different types of data, but also helps to identify trends and atypical behaviors.
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