Bank fraud: BPO low risk
By Shalini Singh

Shirley Inscoe was a senior security manager at Wachovia Bank and so understands the flaws in the system.  Shirley has co-authored a book ‘How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them’ which will be released later this month. As part of the book promotion, Shirley is releasing enough juicy tit bits to get the media to start writing up her book. More juicy tit bits, more media interest and so more sales.

It seems that 70 percent of financials institutions have experienced a data theft by one of their own employees.  And star performers are the worst culprits. Shirley told Darkreading.com

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Interestingly, it's not the stereotypical offshore or outsourced employee who's most risky to their organizations. Nearly 70 percent of financial institutions say their full-time employees are most likely to pose an insider fraud threat, versus 10 percent of part-timers, 8 percent of outsourced workers, 6 percent of temporary workers, and 5 percent of offshore employees, according to the survey.

Nearly 60 percent of the respondents in the survey ranked tellers and traders as the highest risk of insider fraud, followed by administrative/back office (55.74 percent), technology (34.43 percent), executive/senior management (29.51 percent), call center (29.51 percent), and line of business (26.63) employees.
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Contrary to the bogey of outsourcing being a security threat, it seems that it is not the weak link.