Actimize Employee Fraud Prevention Software Chosen by Lloyds TSB
First UK Retail Bank Using Third Generation Analytics-Based Anti-Fraud Solution to Protect Customers from Internal Threats
LONDON – June 6 – Actimize, the leading provider of transactional risk management software for the financial services industry, today announced that Lloyds TSB has selected its Employee Fraud prevention solution to improve the protection of customer and bank assets within its retail banking business.
Three of the top five US banks rely on Actimize fraud solutions, but Lloyds TSB will be the first UK retail bank to implement Actimize’s new Employee Fraud prevention solution. Employee fraud was cited as “one of the most serious threats” by the Financial Services Authority (FSA), “whether arising from collusion, coercion, infiltration or existing employee action.”
Actimize’s new Employee Fraud solution represents a third generation of technology used to mitigate internal threats. First generation solutions typically involve manual searches, while second generation solutions use technology to automatically run defined queries. Third generation solutions, like Actimize Employee Fraud, run complex and intelligent analytics against multiple data sources across the enterprise and mine data for expected and unexpected patterns.
Bob Spencer, Head of Group Financial Crime at Lloyds TSB said: “We pride ourselves on our ability to protect our customers from all types of threats, no matter where they come from. The Actimize Employee Fraud solution reinforces the Bank’s investment in securing both customer and Bank assets.”
“According to a leading analyst firm, over 60 percent of fraud is committed by employees,” says Bruno Piers de Raveschoot, director of Europe, Actimize. “Lloyds TSB is leading the way for other UK financial institutions to address this important issue with best of breed technology that automates the detection and prevention of questionable behaviour.”
Mitigating transactional risk across enterprise silos, Actimize is a leading provider of software solutions for anti-money laundering, brokerage compliance, customer due diligence and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process hundreds of millions of transactions a day. Actimize has offices in New York, Israel, London and Tokyo. For more information, go to www.actimize.com.
About Lloyds TSB
Lloyds TSB is one of the UK's largest financial services providers. It has 16 million customers, 67,000 staff, nearly 2,000 branches and over 4,000 ATMs across the UK.
Lloyds TSB.com is the UK’s most visited financial services website and Lloyds TSB’s Internet banking service has over 4 million registered users.