NICE Actimize launches cloud-based fraud analytics solution
ActimizeWatch uses machine learning techniques to identify threats…
NICE Actimize, a NICE business and provider of a financial crime, risk, and compliance software platform for the financial services industry, has introduced ActimizeWatch, a cloud-based, fraud analytics optimisation solution.
ActimizeWatch uses consortium data to detect fraud-related attacks before they spread from one financial services organisation to another.
Working in a cloud environment, ActimizeWatch monitors anonymised transactional data which has been pulled in from a wide range of financial services organisations, using machine learning to identify emerging threats. Users receive enhanced, individualised analytics that speed up the identification of fraud, while reducing operational costs for fraud departments.
ActimizeWatch uses this intelligence to optimise analytics for rapid delivery. Additionally, the solution provides ongoing fraud intelligence and email advisories to keep financial services organisations abreast of emerging threat patterns, including information about targeted attacks against new faster payment types and digital channels.
We predict that firms will update their approach to data sharing and collaboration by moving optimisation to the cloud
“In this environment, fraudsters are innovating almost as quickly as the banks, and not just moving from channel to channel, but also moving from bank to bank,” said Joe Friscia, President at NICE Actimize. “When fraud hits this fast, it is imperative that analytics adapt and change more quickly. We predict that firms will update their approach to data sharing and collaboration by moving optimisation to the cloud and working more closely together as an industry to stop fraud dead in its tracks.”