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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

The Threat From WithinOctober 2006

Phil Vickers

Head of Special Investigations

Barclays Bank PLC

slide3
‘Insider fraud within the financial services is currently the number one threat.’
  • Dr James Hart, Commissioner of the City of London Police, November 2005
slide4
‘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
slide5
Staff fraud has a reputational, financial, regulatory , internal and customer service impact on businesses
slide6
Staff fraud is emerging as the single most significant risk to the financial services industry and a serious risk to all businesses.
  • Zero tolerance
slide7
Employment application fraud
  • Unlawful obtaining or disclosure of personal data
  • Unlawful obtaining or disclosure of commercial data
  • Account fraud
slide8

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
slide9

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
typical profile
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
slide12

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
slide13

IDENTITY

INFORMATION

slide14

Islington

Manchester

CustomerServiceCentre

Thornton Heath Pond

Stockton

Customer Service Centre

Northampton

slide15

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
the business process

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