Meanwhile, fraud cases tend to be discovered only by external parties or by accident, observed Shahar Mor, CTO, Sparktech. The uncovering usually happens long after the fraudulent activities have started, he added.

To solve the above issues, companies need to employ data analytic tools that can spot irregular behaviour patterns by employees in real-time. Being able to profile employees, the systems must be able to detect out-of-the-ordinary activities such as irregular working hours and a high number of beneficiary changes per day. "It has to also support the entire fraud life cycle from deterrence to prosecution," said Mor.