NICE Actimize Revolutionizes Collaborative Fraud Fighting at Money20/20 with Decentralized Artificial Intelligence Capabilities
October 28 2019 - 6:30AM
Business Wire
Leveraging its
collective intelligence capabilities, NICE Actimize’s Federated
Learning approach tackles multiple fraud typologies, including
application fraud, Business Email Compromise and real-time payments
fraud
Debuting at Money20/20 USA today, NICE Actimize, a NICE
business (Nasdaq: NICE) and leader in Autonomous Financial
Crime Management, is introducing its Federated Learning capability
that will provide financial services organizations (FSOs) with
higher fraud detection rates across numerous fraud scenarios by
leveraging NICE Actimize’s Collective Intelligence network. With
this innovative cloud-based approach that uses machine learning
analytics, FSOs can protect their institutions more effectively
against multiple fraud typologies, including real-time payments
fraud, while improving customer experience.
Traditional machine learning approaches require that the entire
dataset is centralized. Meaning, there needs to be a specific
database where the data resides to give FSOs the ability to build
targeted analytical models based on this dataset. However, FSOs are
often reluctant or prohibited from sharing datasets from a
centralized location. To overcome this challenge, NICE Actimize is
applying an innovative method of Decentralized Artificial
Intelligence that includes federated learning of models learned in
segregated datasets. The models are built for each organization
separately, based on its own data, later to be utilized as features
in the required context.
Through its application of Federated
Learning, NICE Actimize has achieved compelling results in
improving value detection rates. Using this approach has also
proven to be effective in easing the process of model governance.
Additionally, since the method is model agnostic, it can be applied
across the range of NICE Actimize fraud solutions for different
applications.
Using this Decentralized Artificial Intelligence approach,
NICE Actimize research is showing successful results
including:
- Improving detection rates and stopping more fraud with
real-time payments
- Reducing false positives and detecting more fraud using anomaly
detection in low fraud rates environments (like Business Email
Compromise and other commercial banking fraud typologies) when
trying to determine outliers that often correlate with fraud
risk
- Tackling application fraud scenarios, considering monetary and
non-monetary transactions as well as data collected from digital
channels
"With NICE Actimize's Federated Learning capabilities, and
leveraging its unmatched collective intelligence, financial
services organizations can maximize the power of the cloud to fight
fraud collaboratively without compromising data security," said
Craig Costigan, CEO, NICE Actimize. “This advanced approach
using agile analytics enables financial service organizations to
move faster than the fraudsters while providing a frictionless
customer experience.”
NICE Actimize monitors more than 3 billion transactions every
day through its global network of financial services organizations.
This extensive coverage provides significant collective
intelligence and a view of multiple fraud scenarios across the
market. Based on this collective intelligence, NICE Actimize
provides consortium-based fraud analytics models as part of
ActimizeWatch, a cloud-based managed analytics service that uses
machine learning to proactively optimize analytics for members.
To learn more about NICE Actimize’s Collective Intelligence and
Distributed Machine Learning capabilities, please visit NICE
Actimize at Money20/20, Booth #4436 or contact us at
info@niceactimize.com.
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions
for regional and global financial institutions, as well as
government regulators. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and safeguard consumers and investors assets by
identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time,
cross-channel fraud prevention, anti-money laundering detection,
and trading surveillance solutions that address such concerns as
payment fraud, cybercrime, sanctions monitoring, market abuse,
customer due diligence and insider trading. Find us at
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICE NICE (Nasdaq: NICE) is the world’s leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause the actual results or performance of
the Company to differ materially from those described herein,
including but not limited to the impact of the global economic
environment on the Company’s customer base (particularly financial
services firms) potentially impacting our business and financial
condition; competition; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. For a more detailed description of the risk
factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191028005337/en/
Corporate Media Cindy Morgan-Olson 551-256-5202
cindy.morgan-olson@niceactimize.com
Investors Marty Cohen +1 551 256 5354, ET ir@nice.com
Yisca Erez +972 9 775 3798, CET ir@nice.com
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