NICE Actimize has launched the Money Mule Defense Solution that aims to address the issue of traditional payment monitoring systems failing to detect the movement of illicit funds by money mules. This cloud-first solution can detect, investigate, and prevent mule account activity throughout the customer lifecycle for both existing and new customers. The aim is to identify individuals who may either unknowingly or knowingly be involved in fraudulent transactions or irregular money movements.
The Money Mule Defense solution leverages advanced technology like deep learning models and expert features to detect money mule activities in real-time across various event types and channels. It can recognize compromised accounts and payors using NICE Actimize's enterprise fraud management platform IFM-X. The solution also employs a multi-model execution strategy that leverages various techniques and algorithms to prevent fraud and stay ahead of 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. 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,” said Craig Costigan, CEO, NICE Actimize.
Further, the solution utilizes AI and collective intelligence to continually improve its model for detecting money mules. This allows the solution to detect abnormal behavior and suspicious transactions that are typically associated with money mule activities.Elsewhere, NICE has recently partnered with Cognizant to speed up the customer experience (CX) transformation of companies' customer bases.