Case Study: Société Générale Preventing Fraud Losses through Real-time Risk Monitoring
The whitepaper covers the now infamous, $7-billion case of trading fraud committed at Société Générale, a French multinational investment bank, in January 2008.
Fruad is a financial institution’s worst nightmare due to the potential for large-scale financial and reputational loss, especially in an industry so reliant on trust and reliability.
While it is widely accepted that there is no 100% secure solution for preventing fraud and securing assets, the Société Générale case does emphasize the need for financial institutions to align their often distinct information security, business risk, and operational risk systems into a singular, manageable solution.
As the paper will explain, Vigilant has successfully achieved this goal with a number of marquee financial institutions by utilizing Security Information and Event Management (SIEM) systems to create real-time risk monitoring solutions that detect fraudulent activities as they occur, thus mitigating risk.
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