Offering smart customer account onboarding, the
solution orchestrates the entire identity proofing process and
extends fraud prevention coverage earlier in the customer lifecycle
to provide high accuracy account monitoring
Sophisticated fraud schemes utilizing stolen and synthetic
identities are accelerating, requiring more powerful fraud-fighting
solutions than traditional identity verification might have
previously offered. Addressing these market needs, NICE
Actimize, a NICE business (Nasdaq: NICE), today announced the
debut of its New Account Fraud onboarding and verification
solution. Delivering advanced detection capabilities powered by
artificial intelligence, NICE Actimize’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.
With NICE Actimize’s New Account Fraud solution, organizations
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.
The solution is designed to work exclusively and seamlessly with
IFM-X, NICE Actimize’s industry-leading enterprise fraud platform
that delivers advanced detection capabilities powered by artificial
intelligence and machine learning. Providing a real-time response
in detection and decisioning across some of the most extensive
fraud coverage available on the market, NICE Actimize’s IFM-X
platform supports fraud management solutions for digital, real-time
and open banking channels.
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. The solution is
able to utilize the identity proofing data and risk score to enable
optimized account opening decisioning, as well as during post
account opening early monitoring for dynamic risk-based account
access. By utilizing application data as well as monitoring all
payment channels, the account fraud solution’s early monitoring
functionality is designed to detect complex fraud emanating from
stolen and synthetic ID as well as mule activity with high
accuracy.
The NICE Actimize New Account Fraud solution also allows
organizations to safely reduce new account application friction as
well as false positive application rejections to more fully realize
online and mobile customer channel acquisition potential. Identity
risk scores and associated data are seamlessly connected into the
new account monitoring solution for specialized ongoing monitoring
using advanced AI and adaptive analytics for high accuracy new
account fraud prevention.
“Investments in new account fraud controls have justifiably
occupied top priority among fraud executives looking for a more
effective means of balancing risk and client experience. Robust
application fraud controls that enable organizations to more
effectively monitor and quantify risk throughout the entire
lifecycle of the relationship empower the organization to more
effectively optimize profitability by minimizing risks without
sacrificing acquisition and retention objectives,” said Trace
Fooshee, Aite Group, Senior Analyst, Fraud and AML
Practice.
“Proliferation of sophisticated fraud schemes that utilize
stolen and synthetic ID has intensified the need for financial
services organizations to adopt frictionless, digital-only new
account opening processes. NICE Actimize’s advanced AI-driven New
Account Fraud solution supports FSOs by providing a seamless and
cost-effective solution that addresses the challenges reflected in
the advancement of new fraud scenarios,” said Craig Costigan,
CEO, NICE Actimize.
NICE Actimize’s New Account Fraud 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 not only enables
intelligent early account access but also defends and detects
against accounts opened for the purpose of perpetrating fraud.
- Ongoing monitoring: Once accounts have matured, they are
seamlessly transitioned into ongoing monitoring with all the
intelligence acquired during both the application stage and early
monitoring period.
For additional information on NICE Actimize’s New Account Fraud
solution, please click
here.
To access the webinar “New Account Fraud: Verify. Monitor.
Trust” conducted with the Aite Group, please click here.
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,”
“seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,”
“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 changes in economic and business conditions,
including as a result of the COVID-19 pandemic; competition;
successful execution of the Company’s growth strategy; success and
growth of the Company’s cloud Software-as-a-Service business;
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; the Company’s dependency on third-party cloud
computing platform providers, hosting facilities and service
partners;, cyber security attacks or other security breaches
against the Company; the effect of newly enacted or modified laws,
regulation or standards on the Company and our products and various
other factors and uncertainties discussed in our filings with the
U.S. Securities and Exchange Commission (the “SEC”). 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 SEC, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210202005563/en/
Corporate Media: Cindy Morgan-Olson, +1 646 408 5896, ET,
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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