NICE Actimize launches monitoring system to detect money mules

Rick Steves

“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.”

NICE Actimize has announced the launch of a cloud-first Money Mule Defence Solution to address the fact that traditional payments monitoring systems often do not detect money mules’ movements as they secure illicit funds from financial institutions.

Money Mule Defence Solution is designed to detect, investigate and prevent mule account activity occurring throughout the entire customer lifecycle for both existing customers and new accounts.

Money Mule Defence Solution powered by IFM-X

The cloud-based solution identifies money mules that may either unwittingly be involved in fraudulent transactions or are directly complicit in irregular money movements.

Leveraging deep learning models and purpose-built expert features to detect mule activities across multiple event types and channels in real-time, the Money Mule Defence Solution identifies compromised accounts and payors by leveraging the power of NICE Actimize’s market leading enterprise fraud management platform IFM-X.

“Stopping mule transactions and reducing potential monetary loss”

Craig Costigan, CEO, NICE Actimize, said: “NICE Actimize’s innovative approach to identifying money mules encompasses the entirety of the customer payments lifecycle, protecting both inbound and outbound payments. 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.”

The company also employs a multi-model execution strategy that utilizes a diverse set of models, techniques, and algorithms to identify and prevent fraud. This allows organisations to quickly adjust their strategy to stay ahead of the most sophisticated fraud schemes.

The model for detecting money mules is continually optimised and enhanced to identify anomalous behaviours and suspicious transactions indicative of money mule activities, the firm added.

The ActOne10 case management network analytics capability is integrated with the Money Mule Defence solution to provide a holistic view of risk and enhanced ability to uncover an entire mule ring.

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