NICE Actimize has unveiled IFM 11 (Integrated Fraud Management), the latest iteration of its renowned AI-driven fraud detection and management platform. This new release harnesses cutting-edge advancements in artificial intelligence, combined with NICE Actimize's distinctive collective intelligence capabilities, to introduce unmatched levels of accuracy, agility, and efficiency in combating the next wave of AI-driven fraud and scams plaguing financial services firms and their clientele.
"Financial institutions are facing a surge in fraud attacks, as criminals continue deploying AI to conduct scams. NICE Actimize is currently the only solution provider with a complete end-to-end fraud management platform offering fraud prevention and detection, strategy, and operations all leveraging powerful AI capabilities purpose-built to tackle the evolving, faster-paced digital fraud landscape," said Craig Costigan, CEO, NICE Actimize.
IFM 11 marks a significant milestone as the first solution to seamlessly integrate AI across all facets of fraud prevention processes, spanning from detection and strategy formulation to investigations and operational execution, along with intelligent data orchestration.
By leveraging this enhanced platform, organizations can bolster their defense against scams and money mules by leveraging existing data to construct more comprehensive entity risk profiles. This is achieved through augmented network analytics and Generative AI capabilities embedded within fraud detection, strategy formulation, alert prioritization, investigations, and claims management processes.
In addition, NICE Actimize's collective intelligence assists firms with immediate protection using AI models trained on industry-specific fraud data. The release also equips financial institutions with advanced connected analytics capabilities, leveraging industry insights and recent risk indicators to prevent emerging fraud threats.
Key features
An Intelligent Orchestration Engine streamlines seamless integration with third-party and proprietary systems and data sources, streamlining real-time fraud prevention and step-up processes.
Customer Vulnerability Insights allows proactive identification of potential scam targets for enhanced prevention and investigation efforts.
Network Analytics offers robust detection strategies and analytical features, coupled with in-depth network exploration during investigations to unveil concealed relationships and fraudulent networks.
Generative AI facilitates manual investigation and claims management tasks, enabling operations teams to transition from data gatherers to risk management experts and accelerating SAR (Suspicious Activity Report) filings.
Not too long ago, NICE Actimize introduced ARCHIVE-X, an innovative cloud-based solution that serves as a comprehensive archiving and records management system for financial services firms.
