Anti-fraud product of the year: NICE Actimize

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Risk Tech Awards winner


Among many challenges faced by financial institutions today, fraud continues to rank high, and having a robust anti-fraud management solution is therefore pivotal. NICE Actimize Integrated Fraud Management (IFM‑X) – version 10.1 – provides real-time, end-to-end fraud prevention coverage that continuously adapts to new and emerging fraud threats.

This platform has been enhanced to meet the biggest challenges posed by digital transformation that began at the onset of the Covid-19 pandemic, when new account opening processes migrated from in-person branch processing to online.

Fraudsters were quick to exploit this shift and financial institutions increased involvement with digital identity verification solutions. Some financial institutions lost more than 85% of their account applicants because of friction or inability to approve applications quickly, according to data from a tier one financial institution.

Subsequently, NICE Actimize launched its IFM-X New Account Fraud solution, which integrates fragmented point solutions and provides direct ID verification to create intelligent online account-opening fraud prevention. NICE Actimize’s IFM-X seamlessly integrates with its X-Sight Marketplace Identity partners to provide further identity verification capabilities.

Yuval Marco
Yuval Marco

The advanced artificial intelligence (AI)-driven New Account Fraud solution has powered organisations with a multilayered end-to-end fraud management approach. Adding a layer of data intelligence across all data streams, the solution provides holistic risk intelligence for making risk-based decisions and reducing client friction. From account origination to early and ongoing account monitoring, the platform detects and prevents fraud.

The solution orchestrates and connects an organisation’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.

By utilising application data as well as monitoring all payment channels, the solution’s early monitoring functionality detects complex fraud emanating from stolen and synthetic ID, as well as mule activity, with high accuracy.

“By preventing fraud at all points in the account lifecycle, organisations will see lower application rejection, higher conversions and overall reduced risk,” explains Yuval Marco, general manager, enterprise fraud and authentication management at NICE Actimize.

NICE Actimize stands out among others in the market with key differentiators: broad enterprise fraud management coverage, data agility provided by using user interface-based tools that easily operationalise and validate data/point solutions into the Actimize fraud hub, and embedding more AI and machine learning, as well as automation capabilities, in the IFM-X platform.

All individual components of the fraud management solution and its underlying databases have been created with real-time scale, availability and performance for enterprise fraud management environments. They also support redundancy, failover and backup capabilities for on-premise and cloud infrastructure environments.

NICE Actimize’s solutions strive to deliver a single, precise and dynamic customer profile and risk score throughout the customer’s lifecycle that can be leveraged across risk domains. The firm is currently developing advanced entity resolution capabilities to resolve data quality issues, reduce the risk of redundancy and provide full data lineage for transparency and audit.

The judges said:

  • “Excellent in every respect.”
  • “Very intrigued on the use of dark web data and how that would be sourced, as well as the acknowledgement and strategies around synthetic IDs.”
  • “Like the focus on device risk and new account fraud –  it’s detailed, and is very obviously tied to evolving risks.”

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