The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Attachmate Tackles Insider Fraud with Luminet

Attachmate Corporation today announced the availability of Attachmate Luminet, an enterprise fraud management solution that takes the guesswork out of application monitoring. Luminet reveals user activity within enterprise applications and transforms the data into actionable intelligence, allowing organisations to protect the privacy of mission-critical data, reduce internal fraud and enable regulatory compliance.

Insider fraud and failed audits caused by employees abusing privileges and access to confidential information continues to be a growing challenge for many industries including financial services, government and health care. These abuses result in lost business, damaged reputations and financial losses totalling billions of dollars.

“Global fraud costs are likely to total more than US$300 billion over the next year, making an investment in enterprise fraud management (EFM) technology a worthwhile strategy for many enterprises,” said Avivah Litan, vice president and distinguished analyst for Gartner. “Until now, most enterprises using fraud detection technology have been limited by siloed solutions and as a result are faced with a fragmented approach to fraud prevention. A key driver in the emergence of a new generation of EFM solutions is the need to address fraud across multiple channels within the enterprise.”

While most organisations have invested in robust security technologies to protect themselves from external attacks, many still struggle to address more challenging threats from within. As insider fraud becomes increasingly sophisticated and industry and government regulations more demanding, organisations need help protecting sensitive data and identifying actionable evidence of employee abuse when an internal fraud incident occurs.

“Most insider fraud goes undetected within the enterprise for more than a year, after which uncompromised evidence is difficult to secure and taking decisive action is nearly impossible,” said Michael Miller, director of business development and strategy for Attachmate. “Luminet captures employee activity as well as the data needed to prevent fraud and demonstrate regulatory compliance, by assembling a complete history of user activity across enterprise applications – from the mainframe to the web.”

Related content

WEBINAR

Recorded Webinar: Strategies, technologies and services for successful corporate actions automation

Rising volumes and increasing complexity of corporate actions are challenging market participants’ efforts to reconcile data, automate corporate actions processing, and contain costs. The culprits causing these challenges include legacy systems, missing skills, manual processes, data quality issues, and a lack of standardisation. Added to these is the increasing complexity of corporate actions such as...

BLOG

Optimising Sustainable Investment Processes – How Asset Managers Can Best Prepare

By Martijn Groot, vice president, Marketing and Strategy, Alveo. Investment strategies are increasingly being driven by environmental social and governance (ESG) criteria and considerations, and ESG investment is growing rapidly. Research from Bloomberg found that assets invested according to ESG criteria are on track to exceed $53 trillion by 2025, representing more than a third...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...