NICE Actimize, a NICE business, has launched its Actimize Insights Network, an intelligence network designed to provide financial institutions with real-time visibility into counterparty risk to prevent authorized push payment (APP) scams, business email compromise (BEC), and other financial crimes.
Financial institutions are experiencing a significant increase in sophisticated scams, such as authorized push payment (APP) fraud and business email compromise (BEC), where customers are manipulated into sending funds to fraudulent recipients. Traditional fraud detection systems often struggle with these schemes because transactions appear legitimate, and individual institutions lack comprehensive insight into counterparty risk beyond their own operational boundaries.
The Actimize Insights Network addresses these challenges by leveraging intelligence from NICE Actimize’s existing Fraud and Financial Crime network, offering financial institutions enhanced scale and precision to detect and prevent fraud before transactions are completed. This network also supports broader governance efforts.
Craig Costigan, CEO of NICE Actimize, stated, “Financial crime is borderless, fast-moving, and increasingly sophisticated. No single institution can fight it alone. The Actimize Insights Network transforms isolated efforts into a unified force for smarter, faster, and more effective financial crime prevention that strengthens the entire ecosystem.” Trace Fooshee, Strategic Advisor at Datos Insights, further commented, “Collaboration isn’t just a best practice anymore, it is becoming a competitive advantage. Banks cannot fight sophisticated fraud in isolation. NICE Actimize has the client breadth and maturity needed to make network intelligence work at the level required to actually move the needle.”
The network provides risk signals that identify emerging threats and unusual patterns, which might otherwise go undetected by a single organization. Financial institutions can use these signals to intervene in genuinely suspicious transactions while allowing legitimate payments to proceed quickly. These insights also contribute to more effective and efficient anti-money laundering (AML) investigations.
Key functionalities of the Actimize Insights Network include cross-channel intelligence, integrating signals across various payment types, channels, and customer interactions for a unified risk assessment. It offers cross-domain value by enhancing both fraud interdiction and AML investigations. The system is engineered for instant payments, providing millisecond response times, and delivers crucial counterparty risk intelligence to identify high-risk recipients even when customer behavior appears normal.
To balance security with customer experience, the network employs targeted intervention, applying security measures only when genuine risks are identified, thereby minimizing friction for legitimate transactions.
NICE Actimize, a business unit of NICE (NASDAQ: NICE), specializes in artificial intelligence, platform services, and cloud solutions for preventing fraud, detecting financial crime, and ensuring regulatory compliance. The company serves over 1,000 organizations in more than 70 countries.
