Startup offers data analytics to detect internal fraud at banks

Singapore

WITH banks hit by billions in fines for running afoul of laws, a Singapore-based startup is offering data analytics of internal communication so banks may be able to sense fraud brewing within the organisation.

TrustSphere has been working with several global and regional lenders to review communication data, such as the email flows within the organisation. It does so without looking at the actual contents of the emails or internal messages. The aim, said co-founder and CEO Manish Goel, is to chart the strength and patterns of the communication network.

"What we're good at, is in identifying insider threats," he told The Business Times.

"We pick up indicators from the behaviour around the collaborations that we're seeing, and that starts to give you a level of understan…