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The Threat From Within October 2006

The Threat From Within October 2006. Phil Vickers Head of Special Investigations Barclays Bank PLC. The vast majority of staff within any organisation are trustworthy and honest. ‘Insider fraud within the financial services is currently the number one threat.’

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The Threat From Within October 2006

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  1. The Threat From WithinOctober 2006 Phil Vickers Head of Special Investigations Barclays Bank PLC

  2. The vast majority of staff within any organisation are trustworthy and honest

  3. ‘Insider fraud within the financial services is currently the number one threat.’ • Dr James Hart, Commissioner of the City of London Police, November 2005

  4. ‘Staff theft cost retailers £498 million in 2004 – up from £282 million for the previous year.’ • British Retail Consortium, Annual Retail Crime Survey, 2004/05

  5. Staff fraud has a reputational, financial, regulatory , internal and customer service impact on businesses

  6. Staff fraud is emerging as the single most significant risk to the financial services industry and a serious risk to all businesses. • Zero tolerance

  7. Employment application fraud • Unlawful obtaining or disclosure of personal data • Unlawful obtaining or disclosure of commercial data • Account fraud

  8. To combat staff fraud successfully, organisations need to consider the following: • Why do staff commit fraud? • The profile and common characteristics shared by staff fraudsters • The role of organised crime

  9. Staff fraudsters who commit fraud for personal gain will usually have one dominant motivating factor, which can typically include any of the following: • Greed to fund lifestyle • Personal problems, i.e. gambling • Disaffected/disgruntled • Divorce • Depression • Pressure from family/friends

  10. The main staff fraud threat now relates to theft and the compromise of data

  11. Typical Profile • Under 25 years old • Male • Full time employee • Employed for less than a year • Junior, non-management role • Low paid • Possibly in financial difficulties

  12. Staff involved in fraudulent activity and linked to organised crime will usually have undertaken this activity as a result of three main situations: • Infiltration • Collusion • Coercion

  13. IDENTITY INFORMATION

  14. Islington Manchester CustomerServiceCentre Thornton Heath Pond Stockton Customer Service Centre Northampton

  15. Disruption Prevention Education • PREVENTION • Prevent infiltration by organised criminal gangs. • Enhance our systems, audit and proactive capability • Protect and support those who expose corruption, dishonesty or unethical behaviour. • EDUCATION • To raise awareness of fraudulent behaviour by staff across the Group. • DISRUPTION • Zero tolerance policy. • Bring to justice or disrupt those responsible for serious and organised fraud. • Work in partnership with and provide support to Police Forces and other Law Enforcement Agencies in the prevention and detection of serious and organised fraud

  16. OUTPUT OUTCOME Arrests & Prosecutions Dismissals Preventing Losses Increase Customer Confidence Intelligence Referrals THE BUSINESS PROCESS INPUT Police Other Law enforcement Barclaycard Operational Teams Bank’s Operational Teams Regional Directors /Bank Managers Customer Service Centre Managers Other industry contacts (National/ Trans National) Analysis Sources Reported Incidents Analytics Information from sources Information from Police & other organisations Information from Industry Tasking & Coordinating Intelligence Unit Urgent Response

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