Insider Fraud: New Insights on an Age-Old Crime

Interview with Shirley Inscoe and BC Krishna, Authors of Insidious: How Trusted Employees Steal Millions and Why It's so Hard for Banks to Stop Them

Insider fraud has always been a risk for banking institutions, but this risk has only grown in the past year. And so has the size of the crimes.

Shirley Inscoe and BC Krishna of Memento have written a new book, "Insidious: How Trusted Employees Steal Millions and Why It's so Hard for Banks to Stop Them." In an exclusive interview, the authors discuss:

What's most misunderstood about insider fraud;
How organizations are responding to the threat;
Advice for what banking institutions can do today to prevent insider crimes.

Inscoe, Memento's Director of Financial Services Solutions, had a distinguished 24-year career at Wachovia, the fourth largest bank in the U.S. Throughout her tenure at Wachovia, Inscoe held a series of increasingly responsible positions in risk management, regulatory compliance, and loss reduction initiatives. She is a member of the American Banking Association (ABA) Payment Systems Committee and co-chairs Primary Payment System's Advisory Committee. She also helped form and launch the Identity Theft Assistance Center, which provides support for identity theft victims.

Krishna, founder and CEO of Memento, is a technologist and entrepreneur skilled at turning innovative software solutions into industry-leading companies. He founded Memento in 2003 after identifying the high-value business opportunity to help enterprises systematically address the long-known issue of internal fraud and inappropriate activities by insiders. In 1995, BC founded FutureTense the company that helped define the Content Management software category and was part of the management team that led it to nearly $100 million in revenue. Following the acquisition of FutureTense by publicly traded Open Market, he served as Open Market's Chief Technology Officer, as well as a Board Member. From 1987 to 1995, BC was a Principal Software Engineer at Digital Equipment Corporation.




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