NICE Actimize, a builder of financial crime prevention, risk and compliance solutions, has released its new cloud based PSD2 readiness fraud management solution.
To help companies meet the September deadline for PSD2, the RegTech company has released a fraud profiling solution for PSD2 compliance and beyond. This will also be available as a SaaS solution and will give financial institutions detailed fraud analytics.
The cloud-based tool will give clients end-to-end fraud management capabilities which boast real-time transaction risk analysis, cross-channel fraud detection, multi-payment coverage, and fraud alert and case management. Its solution uses machine learning algorithms to identify the best risk score with the lowest false positives.
Other benefits of this new fraud management solution include a real-time risk score for every payment transaction and enables automated decisioning on alerting, delaying, and blocking. The solution also lowers the need of strong customer authentication by using risk-based authentication controls.
NICE Actimize CEO Craig Costigan said, “As a market leader in enterprise fraud in the cloud, with core strengths in authentication, NICE Actimize is prepared to support institutions of all types as they become PSD2 compliant.
“To win the battle against new fraud threats, financial institutions will need to have in place reporting and monitoring of Open Banking transactions, to provide insight into how they are being used and abused, looking for anomalies along with understanding any new fraud typologies. Our fraud portfolio is ideally suited to meet the needs of this game-changing environment.”
Earlier in the year, NICE Actimize enhanced its e-communication surveillance solution with improved machine learning, analytics and investigative tools. The additions have been released to bolster the surveillance detection and case management capabilities for clients, lower false alerts and reduce compliance costs.
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