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

Upcoming Webinar: Data management for ESG requirements

Date: 13 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Environmental, Social and Governance (ESG) investing is moving into the mainstream, requiring asset managers to develop ESG strategies that deliver for both the firm and its investors. While these strategies can outperform those that do not include ESG factors,...

BLOG

Global LEI Foundation Aims to Accelerate LEI Adoption by Slashing Prices of the Identifiers to Single Digit Dollars

The Global LEI Foundation (GLEIF) is planning to tear down the cost barrier obstructing widespread adoption of the LEI with the implementation of a validation agent role for banks and financial institutions. Expectations are that frequently contended high prices charged to register an entity for an LEI – by way of example Bloomberg charges $65...

EVENT

RegTech Summit APAC

RegTech Summit APAC will explore the current regulatory environment in Asia Pacific, the impact of COVID on the RegTech industry and the extent to which the pandemic has acted a catalyst for RegTech adoption in financial markets.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...