NICE Actimize launches risk-based approach to fighting financial crime

Rick Steves

Firms are empowered to shift from reactive to proactive risk management by gaining access to a fully transparent view of entities across the entire organization thanks to a blend of AI, machine learning, and automation. 

NICE Actimize has launched X-Sight Entity Risk, an SaaS solution that produces a single risk score that enables a financial institution to gain a greater understanding of their clients across the organization.

The new product is powered by artificial intelligence, machine learning, entity resolution, and network analytics with the aim of enhancing the efficacy of advanced anti-money laundering, enterprise fraud prevention, and other financial services applications.

The single profile and trust score provides a fully transparent view of entities and enables better risk management and frictionless customer experiences.

Access to true and transparent business intelligence

X-Sight Entity Risk sources data from multiple venues to ensure an entity profile is always accurate and analyzes entity networks and behaviors. The single entity trust score informs detection and prevention systems to power their analytics.

Firms are empowered to shift from reactive to proactive risk management by gaining access to a fully transparent view of entities across the entire organization thanks to a blend of AI, machine learning, and automation.

The new product, which enhances end-to-end enterprise fraud solutions’ effectiveness while enriching entity-centric AML capabilities, works with other NICE Actimize solutions and is agnostic with other third-party solutions. The cloud-based solution provides the ability to run analytics exceptionally fast.

Craig Costigan, CEO, NICE Actimize, said: “Financial services organizations are placing greater emphasis on expanding a risk-based approach to fighting financial crime. Serving this need with pioneering technology, the breakthrough, AI-powered X-Sight Entity Risk solution provides an unparalleled ability to access true and transparent business intelligence around customers and entities.”

Going after the dark web

NICE Actimize has recently launched a multi-language coverage of the Dark and Deep Web, malware networks, private messaging platforms, and underground fraudster infrastructure and communities.

The solution is named IFM-X Dark Web Intelligence and helps financial service organizations resolve the pervasive challenges they face in detecting dynamic fraud and account takeover threats.

The growing amount of information on the Dark Web presents a range of complex fraud schemes and typologies that are increasingly difficult for firms to detect and stop.

The enterprise fraud management platform provides immediate fraud prevention for customer account takeover attempts, card fraud, and mule activity.

The solution helps organizations proactively safeguard their customers when they are unknowingly compromised, delivering a better customer experience and preventing loss to the firm.

The solution utilizes behavioral technology that provides targeted, continuously updated intelligence, and monitoring which can be deployed across post-breach and pre-fraud scenarios.

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