NICE Actimize launches new fraud management solution

Following this launch, the product will use AI-based technology to use a new execution strategy that will leverage diverse algorithms to identify fraud and online threads and eliminate them. 

Currently, money mules’ movements secure illicit funds from banks and financial institutions. Thus, NICE Actimize’s Money Mule Defence Solution was designed to detect any early mule account activities that might occur throughout the entire customer lifecycle, and eliminate them in real-time, for both existing clients and newly created accounts. 

The product focuses on both the money mules that may unwittingly be involved in fraudulent transactions or activities and the directly complicit cases in irregular money movements. 

NICE Actimize’s solution also leverages deep learning modules as well as purpose-built expert features that were built to detect mule activities across multiple event types, as well as channels. It identifies compromised accounts and payors by using the power of the market fraud management platform IFM-X provided by the company. The product works following a multi-model execution strategy that gives organisations and companies the possibility to quickly adjust their strategy so they can detect and prevent popular fraud schemes while protecting both inbound and outbound payments. 

While utilising the AI services, the Money Mule Defense Solution strategy is still optimised and enhanced in order to identify anomalous behaviours, as well as suspicious transactions that might indicate fraudulent activities. One of the features used by the solution is the ActOne10 case management network, which offers the benefit of a holistic view of the risks that may occur. Moreover, it provides the solution with the ability to uncover an entire mule ring in a faster and more efficient way.

By using this solution, companies and customers can prevent new mule accounts from being formed, and existing accounts from becoming mules, as the product focuses on the safety and the privacy of clients and their relations, as well as the process of reducing potential monetary losses. 

NICE Actimize’s strategy in the industry

NICE Actimize is a provider of financial crime, risk, and compliance solutions that offers users around the world multiple services and products, such as real-time, cross-channel fraud prevention, anti-money laundering detection, sanctions monitoring, client due diligence, market abuse, and insider trading products. 

At the beginning of March 2023, the company released `The 2023 NICE Actimize Fraud Insights Report` that revealed pressing threats and patterns for FIs. 

By using the X-Sight AI, which utilises collective intelligence and federated learning to spot emerging threads and suspicious patterns of activity, the report was created while analysing billions of banking and payment transactions, which represented over USD 110 trillion in value. 

The research showed that the rise of banking fraud represented a growing concern for financial institutions and customers alike. Fraudsters were presented as becoming increasingly careful and sophisticated, by changing their methods from traditional account takeover and unauthorised fraud to more complex authorised payment fraud (scams). This complicated the fraud threat landscape and put the FIs at risk of double loss scenarios, for both first-party and third-party victims.