Matrix-Exzac Debuts Employee Monitoring and Insider Fraud Solution for Financial Institutions
Matrix-Exzac, a leading global provider of financial crime prevention and compliance solutions and services, announces the new Matrix-Exzac Employee Monitoring and Insider Fraud (EMIF) solution. Insider fraud is an increasingly serious threat for banks and financial institutions around the world, posing threats to integrity and , regulatory compliance, consumer confidence, brand reputation -- and their bottom line. Matrix-Exzac has partnered with Intellinx, a leading provider of Insider Fraud and Employee Monitoring technology, to provide Financial Services organizations with a cost-effective, end-to-end solution for addressing insider threats.
Combining Matrix-Exzac's proven agile delivery methodologies with Intellinx's zero ETL technology stack -- a non-invasive solution that does not require data loads -- the new EMIF solution deploys in a low impact, accelerated implementation that delivers rapid results. It streamlines fraud monitoring by utilizing Intellinx's proprietary network-sniffing function, eliminating the industry's traditional cumbersome, time-consuming ETL steps.
Matrix-Exzac Partner and Insider Fraud Subject Matter Expert Josh Ablett says, "With the new EMIF solution, Matrix-Exzac can demonstrate a record-and-replay, rule writing and comprehensive data capture -- typically within a few weeks, providing a low risk and high ROI solution to help financial institutions address increasing fraud challenges and meet regulatory demands."
According to information from the second annual Attachmate Corporation and Ponemon Institute survey, "The Risk of Insider Fraud":
- Organizations experience approximately one fraud event per week
- On average, organizations have had approximately 55 employee-related incidents of fraud in the past 12 months
- 23% say insider fraud incidents existed six months or longer before being discovered and 9% could not determine when they occurred
- 61% rate the threat of insider fraud within their organization as very high or high
- 87 days is the average time for organizations to first recognize that insider fraud has occurred, and more than 105 days to get at the root cause
- 73% of respondents reported that an employee's malfeasance caused financial loss and possibly brand damage
Key features of Matrix-Exzac's new Employee Monitoring and Insider Fraud solution include:
- Comprehensive forensic investigation and auditing activities including visual replay
- Efficient automatic cross-channel behavior and transaction tracking in real-time and batch
- Thorough investigations and case management
"Working with some of the world's largest financial institutions, we realized their increasing and pressing need to replace cumbersome, slow monitoring with a more advanced solution to address internal fraud," says Matrix-Exzac CEO Renan Levy. "Matrix-Exzac's new Employee Monitoring and Insider Fraud solution provides financial institutions with an efficient, effective alternative to help fraud investigators, compliance officers and internal auditors more quickly identify and address insider issues."
Availability and Proof-of-Concept
Matrix Exzac's EMIF solution is available now. Proof-of-Concept deployment of the new Employee Monitoring and Insider Fraud solution can typically be implemented within a few weeks so financial institutions can experience its short installation process, and the effectiveness of its agent-less network sniffing, accelerated and iterative nature of the results, while it eliminates risk to normal IT operations within their own infrastructure. Contact Joe.Cataldo(at)matrix-exzac(dot)com or visit http://www.Matrix-Exzac.com for more information.
Matrix-Exzac offers a full range of solutions and services to maximize financial compliance and minimize fraud risk across multiple solution platforms. More than 50 top-tier financial institutions rely on Matrix-Exzac solutions to architect, implement and manage day-to-day operation of their compliance and fraud prevention programs. Matrix-Exzac is a division of Matrix IT Ltd (Symbol MTRX.TA), which has global presence with offices in the US, UK, Israel, Eastern Europe, China, and Hong Kong, and over 6,500 employees. Matrix-Exzac U.S. headquarters is located in Jersey City, NJ. Visit http://www.matrix-exzac.com.