Banking
Banking Fraud
Biometric checks placed directly on wire transfers, loan write-offs and other high-value transactions, with threshold values that trigger a second verification.
- Customer
- Major international bank
- currency wire transfers
- Multi
The situation
A major international bank required biometric security capabilities natively embedded in its SAP system as part of its internal checks and balances requirements. Extensive and successful proof-of-concept and penetration testing was performed before deciding on the implementation. Preventing insider fraud and ensuring compliance with internal procedures were also key drivers.
The bank runs a high volume of high-value transactions, with exposure to international currency fluctuations, across deposits, lending, investment and bullion.
Areas to be secured included customer-facing personnel with access to depositors’ information. Inventory movement of funds and precious metals between vaults, and the recycling of old banknotes, were also high priority.
The challenge
- Eliminate reliance on passwords
- Control electronic movement of large sums in various international currencies
- Control access to vendor data and release of payments
- Provide assurance to stakeholders of the safe-keeping of depositors’ and investors’ funds
- Monitor any SAP activity considered to offer risk
- Restrict access to high-level financial data viewing to authorised users only
- Tamper-proof logging of all restricted activities, including failed or unauthorised attempts
The outcome
- Sensitive financial activities, including large wire transfers and loan write-offs, require biometric credentials and authentication
- Threshold field values can be set in certain transactions, above which biometric re-authentication is triggered automatically
- Silent email alerts and tamper-proof logging of failed activities indicate possible overstepping of a user’s credentials, providing a forensic trail
- Automatic logging of restricted activities assists with regulatory compliance