Sándor Bálint, security lead for applied data science, Balabit comments: “This story is a classic example of the fraud triangle. Eliminating at least one of the three components, or "breaking the fraud triangle" is the best way to fight against fraud. This takes place through strengthening internal controls, in order to reduce or eliminate the opportunities. Advanced monitoring as a form of detective control, however, takes a slightly different approach: if clearly communicated and consistently followed through with corrective actions, it also affects the rationalisation part of the triangle, by reducing the chance of potential fraudsters convincing themselves that they can possibly pull off the fraud without consequences.
Of course, not all monitoring is created equally: there are solutions that work with static, pre-defined rules, while state of the art monitoring solutions build individual profiles of behaviour for each monitored individual and use advanced algorithms to help detect anomalies, resulting in higher rates of detection, and a stronger deterring effect.”