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  • Writer's pictureMichael Olson

The Insider Threat is Real and Persistent!!




This conviction and sentencing of this bank executive is an unfortunate example of the importance of leadership understanding and taking seriously the threats to their organization - especially when it impacts all of the organization's internal/external community stakeholders. Don't discount what your security/investigative teams do for you on a daily basis to keep your organization safe from losses, breaches, and reputational harm/damage. Better yet....recognize that the decision to trust your security/investigative teams may keep you out of prison and trouble in the end.


Some of our staff at 360 Security Services in our previous careers, and along with other very talented law enforcement investigators/analysts, bank investigators, the U.S. Attorney's Office, and others were involved in a massive trans-national fraud case titled: "Operation Starburst" from 2009-2013, originating in the State of Minnesota. The case involved multiple bank insiders at multiple financial institutions. Very few banks were immune to the reach and intent of the insiders discovered. The schemes were similar. Get people inside to open fake or fraudulent accounts that could be used to facilitate their countless fraud and money laundering schemes. Financial Institutions were warned of the problem.....but it truly does take collaborative efforts to mitigate fraud and crime.


I am sure this executive did not have the same motive as some of the defendants and unindicted insiders and co-conspirators who took advantage of the poor controls and pressured sales goals. However, the net impact to the organization as well as the victims of identity theft were the same. Malicious insiders in financial institutions are there to take advantages of your weaknesses.......



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