Addressing the issue of scams and Authorised Push Payment (APP) fraud ahead of impending PSR (Payments Systems Regulator) fraud liability shifts is paramount. With the evolving landscape of digital transactions, the burden of responsibility for such fraudulent activities is transitioning, making it crucial for financial institutions and businesses to tackle these challenges proactively. NICE Actimize addresses these challenges with an end-to-end approach to allow organisations to take action.
Organisations must leverage real-time technology detection to manage fraud types across four essential steps to be effective: identify early, mitigate exposures, resolve investigations, and adhere to regulations. NICE Actimize enterprise fraud management solutions helps financial institutions accomplish these steps.
By adopting this proactive strategy to abate scams and APP fraud, financial institutions can protect their customers and position themselves favourably in the changing landscape of fraud liability. This aggressive stance is essential in ensuring the security and trustworthiness of digital financial transactions for all parties involved.
NICE Actimize provides financial institutions (FIs) the right fraud management solutions to proactively detect and prevent fraud, safeguard the customer journey, and protect both the customer and their institution from fraud schemes. NICE Actimize’s IFM-X, industry-leading integrated fraud management, provides complete, real-time, end-to-end fraud prevention coverage that continuously adapts to new and emerging fraud threats.
NICE Actimize’s end-to-end fraud management solutions also include New Account Fraud, among other applications. NICE Actimize’s New Account Fraud solution connects and extends coverage earlier to start at the application stage to provide identity proofing, then move into early account monitoring, and finally, a seamless transition to ongoing monitoring. New Account Fraud orchestrates and connects your organisation’s current identity verification data and tools using advanced analytics to create an identity risk score.
Double-clicking on the detection and alert triage, NICE Actimize has introduced the Multi-Model Execution (MME) methodology critical to its recently introduced Mule Defense solution, adept at navigating diverse risk scenarios to decode evolving attack methods. MME Machine Learning models generate a three-part score encompassing unauthorised, authorised, and mule fraud scenarios, empowering organisations to pinpoint victims and culprits with heightened detection precision while minimising any adverse impact on genuine clients.
Detection by typology and risk tagging affords alert automation routing to specialised alert triage analysts skilled in specific fraud scenarios (e.g., Account Takeover, APP / Scams, and Mules). Specialisation creates efficiencies within operations, improved detection, and improved customer experience.
NICE Actimize also offers solutions for Check Fraud, Payments Fraud, ActimizeWatch cloud-based managed analytics, as well as integrated fraud and AML solutions. Learn more by going to the NICE Actimize web site here.