NICE Actimize Targets Faster Payments Fraud

Financial security software firm NICE Actimize is launching a new solution to combat financial fraud using cloud technology.

The company announced this week that it is rolling out ActimizeWatch, a cloud-based analytics solution that aggregates and assesses transactional data, pulled from various financial service providers, to identify fraud. The company is deploying machine learning technology to identify threats and automatically email managers to ensure financial service providers are protected and made aware of any instances of fraud.

According to NICE Actimize, the technology can also identify emerging threat patterns to enable FIs to see whether trends like faster payments and emerging payment technologies will be targeted.

“In this environment, fraudsters are innovating almost as quickly as the banks and not just moving from channel to channel, but also moving from bank to bank,” said Joe Friscia, president of NICE Actimize, in a statement. “When fraud hits this fast, it is imperative that analytics adapt and change more quickly. We predict that firms will update their approach to data sharing and collaboration by moving optimization in the cloud and working more closely together as an industry to stop fraud dead in its tracks.”

Last year NICE Actimize released a new survey that found more than 93 percent of financial institutions surveyed said they are anticipating more threats as they brace for implementation of Same Day ACH capabilities. Some analysts are concerned that faster payments means a reduced window through which FIs and security specialists can identify and mitigate a potential threat.

But earlier this year NACHA said that in its own survey of 23 financial institutions, none had experienced an increase in fraud due to Same Day ACH.