The Bankwatch

Tracking the consumer evolution of financial services

Lloyds breaks one of the taboos of Banking

Lloyds admits one of the secrets no-one wants to talk about. Most fraud and stealing occurs from employees and internal sources.

The bank has bought a new generation of super-smart computer software that will enable it to keep better tabs on its 67,000 staff. The computer program will monitor 75 million transactions a day by branch and call-centre staff in an attempt to identify suspicious patterns and nail the culprits.

Source: The Times

In particular, the matter of criminal gangs integrating into call centres is a fact of today, and Lloyds are choosing to go public with their efforts to combat those gangs.

In banks, insiders are responsible for 50-70 per cent of all fraud, according to research by Celent. Identity theft in particular is a growing menace.

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Written by Colin Henderson

June 9, 2007 at 17:02

Posted in Security

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