NICE Actimize unveils new solution to fight synthetic and identity fraud

Wednesday 3 February 2021 10:36 CET | News

NICE Actimize has announced its New Account Fraud onboarding and verification solution, to combat sophisticated fraud schemes utilising stolen and synthetic identities. 

The company’s New Account Fraud solution takes a comprehensive and fully connected approach that directly addresses fraud loss manifested by stolen and synthetic identities, as well as other fraud schemes associated with the act of opening an account. 

Via this initiative, organisations can take a multi-layered end-to-end fraud management approach. From account origination to both early and ongoing account monitoring, NICE Actimize’s New Account Fraud solution detects and prevents fraud across the customer’s lifecycle. NICE Actimize’s solution orchestrates and connects an organization’s current identity verification data and tools using advanced analytics to bring data and identity risk scores into a purpose-built new account fraud monitoring system. 

In addition, the New Account Fraud solution is able to utilise the identity proofing data and risk score to enable optimised account opening decisioning, as well as during post account opening early monitoring for dynamic risk-based account access. NICE Actimize’s solution also offers the following capabilities:

  • Identity proofing: Sophisticated identity proofing adds a layer of intelligence across all data streams to provide a single identity risk score for making decisions quickly and efficiently.

  • Early account monitoring: Using ‘zero trust’ dynamic risk-based profiling supported by advanced AI enables early account access and defends against accounts opened for the purpose of perpetrating fraud.

  • Ongoing monitoring: Once accounts have matured, they are transitioned into ongoing monitoring with all the intelligence acquired during both the application stage and early monitoring period.

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Keywords: NICE Actimize, product launch, AI, New Account Fraud, synthetic fraud, identity fraud, account monitoring, New Account Fraud, data
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime