What is your primary use case for Nice Actimize Fraud & Authentication Management?

I am working on Transaction Monitoring and Fraud Risk, and I have experience using the Nice Actimize Fraud & Authentication Management tool alongside World-Check and Salesforce for this purpose. During the use of the Fraud Monitoring feature, we have to utilize the features to identify issues, such as the SAR report and counterterrorism financing. We check if there is any counterterrorism financing and implement measures on money laundering, specifically if there is any import-export of money related to terrorism. I have been working with the Nice Actimize Fraud & Authentication Management solution for monitoring transactions and banking tools. I am using the tool to check the banking transactions and determine if there are any spikes in transactions. Based on that, we have to fill the SAR report and check the transaction report on the tool. Regarding the Cross-Channel Fraud Monitoring feature, Fraud Monitoring in Nice Actimize Fraud & Authentication Management is related to Transaction Monitoring. Fraud Monitoring checks if there is any fraud in particular accounts, such as business accounts or individual accounts, so it is totally dependent on Transaction Monitoring where both are related.

We use the solution as an anti-money laundering application to monitor financial crimes.

I worked on Anti-Money Laundering and also on Integrated Fraud Management. In AML, we get customer data from the database. We will be working on a customer's personal data, such as whether they are involved in any political activities, or if there are any negative scenarios associated with them such as violating traffic rules or involving any inaccurate activities. We will be screening their profile and depending on what kind of person they are, we will be creating alerts and moving them from one step to another step and creating rules using the Policy Manager, and giving scenarios in the workflow using the Platform Release. In IFM, we get transaction data no matter whether it is from the web or mobile, or direct from the bank. We will be checking their transaction data and if there are any invalid patterns, withdrawing money, exceeding the limit, or any suspicious activity happening in their account, we will generate alerts.

We used the tool for the detection of anti-money laundering trade activities. There were four models where each business trade model handled a different aspect. Sufficient activity monitoring is a model that monitors the activity of each bank’s customer. This model tracks activities and sends them to White List Filtering. There is also Customer Due Diligence which is more or less a KYC that takes notes on the details and demography of the customer. We cannot monitor the activities of the customer without Actimize. As an end user, we used the tool to track fraudulent activities which are part of the official activity monitoring model. There are some thresholds to this model. For instance, if a customer who hasn’t done a deposit over two months comes in with a deposit in a span of 72 hours, then it is considered suspicious activity. The solution flags the customer for inquiries and investigations.

Our company uses the solution to monitor transactions that come into our system for any fraud. We have ten analysts who work on closing the alerts in cases where there are transactions. We have not yet implemented the latest enterprise UI features so are not yet using the entire suite of the latest version. We are aware that the solution offers two versions on the cloud but haven't moved to them yet.

Nice Actimize Fraud & Authentication Management is predominantly used by banks, and the main focus is to prevent fraud. It's a fraud defender tool.

I use it for financial claims monitoring. I am using its previous version.

We are using it for transaction monitoring. Actimize has multiple modules, and we are using the SAM module. We are using version 8.5 of this module.

Right now, we are using Nice Actimize for our financial transactions. I have worked on multiple solutions to enrich the latest one that I'm working on. We have our payment systems and our normal transaction monitoring systems, detecting fraud cases. Based on that, they create alerts. Those alerts are ingested into Actimize. We have our case management system in which our analysts are shown the alerts with the respective data and with all the related alert details of the customers, and based on that they will be able to decide whether it is a potential fraud transaction or it is a false positive case. Then the analyst will decide based on the rules whether it's a fraud happening or it's a valid transaction. This is what we are doing right now. But prior to that, we also used Nice Actimize for the case management system in which you have the rules, the responsibilities, and the users. Meaning, if I'm an analyst, I will have certain access rights so I can see something. If I have a manager on top of me, he can see something more on the same alert. He can see something else. If he's a manager on a group level, maybe for America, he can see alerts from North America as well as South America. We have these units and based on that, the rules are defined and you will have a UI that will display anything for you. There was an HR case where there was an incident raised against an employee. A manual case is created which will go through all the flows for check and go to the employee. Then the HR and the employee will have a discussion. All the details will be stored in that entity that is the alert. Then based on that, there will be other steps. If it is a case in which there is sexual harassment or something, even if the police are involved, it will be stored. The details on the outcomes will be stored there, and then they will choose what to do with that case. Whether they want to do a formal complaint against that employee, or they want to terminate him, or is it a false case that was registered against him or something like that. This is one application besides the transactions. Actimize can be used in all these ways, but mostly the purpose of Actimize was anti-money laundering and suspicious activity, on the transaction and financial side of things. They have certain rules. For example, if I am using a credit card and my usual behavior for normal transactions is 100 Pounds to 500 Pounds in a week, but suddenly I make a transaction of more than 5,000 Pounds. It is possibly a suspicious activity indicating that somebody is trying to do something. Now somebody needs to decide whether this is actually suspicious. If I consider my case, there was an instance when I did a big transaction and I got a phone call from my credit card saying that "Is that you who did this transaction?" So somewhere, they might also be using a similar kind of a product and it helps the customers in preventing frauds from happening. This is an application of Nice. The application itself is deployed on a server and it can be used throughout sites. So for us, it could be banks. Banks have their sites, the transactions come in, and that is just one place where it is installed and users can access it through the net. Now the latest thing that has come in, is that they also have cloud implementation. Everything will be there in the cloud. So any maintenance or upgrades will be done in one place. The clients who are using this application will not bear the costs separately. So any more data will be directly provided to them. Even the cloud interfaces are available now. My company has a relationship with NICE Actimize as well as the client. NICE Actimize is the solution provider, the implementer, for our company, a bank. We have a business relationship with the bank as well as with NICE Actimize. NICE Actimize does not have a huge level of implementation so they do not deal directly with the banks. It is us or the other vendors or service providers who actually implement and interact with actual users. They depend on us for any new upgrades or what the client wants. It is also beneficial since the companies are pricing for each thing. So maybe our company would get something at a cheaper rate because we are providing them with insights into what the customer actually wants and what their needs will be in the future.

Our primary use case of this solution is transaction monitoring and for case management. We are customers of Nice and I'm the VP of compliance.

Actimize warns us of suspicious activity reports and suspicious transactions when a device is non-compliant. Thereafter balance transfer without insurance, inadequate channels, certain kind of use cases they are used to sort out phone transfer in violation of AML web concern.

It's an integral part of our surveillance. Specifically, I do futures surveillance across all products. I look at futures trades for in-house and customers across fixed income, equities, and FX. That's my specific use case, but my colleagues, who do product surveillance in fixed income, use a Global Actimize solution to also look at a specific products like OTC treasuries versus fixed income futures and other products. Our company is global. We have six direct market access sites in the world. The US is one, the UK is another and Hong Kong and Singapore are three and four. Then we have two more that are small DMA sites. There are people at each DMA site that use Actimize. In the US, it's about 20 people, which is comparable to Hong Kong, which covers Singapore; in the UK, it's probably 30. Then we have an offshore team in India, composed of about 20 people that touch Actimize. Finally, at the other DMA sites, just a handful, maybe five. We're fully invested in this solution, but we also have three other surveillance systems at level one, and Actimize is not the future for my firm. There's another system called Trading Hub, which is popular in Europe — that's the way of the future for us, for better or worse. We don't have a demise date for Actimize yet. It's at least a couple of years out, but we're trying to migrate towards Trading Hub and internal solutions. As of today, and for next year, we'll be fully invested in Actimize — we rely on it.

I use this solution for transaction monitoring. Within my company, roughly 50 people use this solution. Within our other branches, I would estimate that there are roughly 200 people using this solution — mostly analysts and supervisors in charge of compliance. My team does the testing. From the bank-side, we are the product owner. If there are any requirements from the end-users, we raise it to the Actimize team. If it requires maintenance, then usually the maintenance team handles it, but sometimes, we handle it from our side as well. On my side, we have a team of about 10 to 15 people who can help with maintenance.

We are customers of NICE Actimize (Watch List Filtering, Customer Due Diligence and Suspicious Activity Monitoring modules) and I worked on Sanctions and regulatory affairs during implementation of the solution.

We use it to check all the options for our risk manager, like what kind of entitlements the users have. There are different rules. We use NICE to make that visible. We want to see what reports and options they can see.

We are a financial institution and use this product as an anti-fraud solution. Actimize provides different solutions for different types of fraud, whether it's financing terrorists or money laundering.