back Back

NICE Actimize unveils Money Mule Defense Solution to detect Illicit activity

By Gloria Methri

March 20, 2023

  • ACI Payments Monitoring
  • Compliance
  • Financial Crime
Share

NICE Actimize, USA, RiskTech, AI, Money Mule Defense Solution, Fraud, Financial Crime, ComplianceNICE Actimize has launched its cloud-first Money Mule Defense Solution designed to detect, investigate and prevent mule account activity occurring throughout the customer lifecycle for both existing customers and new accounts. This solution is designed to identify money mules that may either unwittingly be involved in fraudulent transactions or are directly complicit in irregular money movements.

NICE Actimize’s Money Mule Defense solution utilizes deep learning models and purpose-built expert features to detect mule activities across multiple event types and channels in real time. The solution identifies compromised accounts and payors by leveraging the power of NICE Actimize’s market-leading enterprise fraud management platform IFM-X. NICE Actimize also employs a multi-model execution strategy that utilizes a diverse set of models, techniques, and algorithms to identify and prevent fraud. This allows organizations to quickly adjust their strategy to stay ahead of the most sophisticated fraud schemes.

“NICE Actimize’s innovative approach to identifying money mules encompasses the entirety of the customer payments lifecycle, protecting both inbound and outbound payments,” said Craig Costigan, CEO, of NICE Actimize. “This advanced method is designed to prevent new mule accounts from being opened, and existing accounts from unwittingly becoming mules, thereby preserving customer relations, stopping mule transactions, and reducing potential monetary loss.”

Utilizing the power of AI and NICE Actimize’s collective intelligence across the industry, the solution’s model for detecting money mules is continually optimized and enhanced to identify anomalous behaviors and suspicious transactions indicative of money mule activities.

Previous Article

March 20, 2023

Mastercard acquires Baffin Bay to bolster cybersecurity

Read More
Next Article

March 21, 2023

Cobis Topaz bags IBSi’s ‘Most impactful Open Banking project’ award

Read More










IBSi Daily News Analysis

Cybersecurity, AI, Chatbots

May 30, 2023

ACI Payments Monitoring

Are AI chatbots useful in fighting cyberattacks?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Mambu and Mia-FinTech partner to accelerate digital finance solutions

Read More

Today

AAZZUR connects with Open Banking platform Salt Edge

Read More

Today

Aviva migrates equity release business from legacy to Phoebus

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q1 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2023

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2023

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q1 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022