Using advanced AI, the solution employs a multi-model execution strategy that utilizes a diverse set of models, techniques, and algorithms to identify and prevent fraud
Traditional payments monitoring systems often do not detect money mules’ movements as they secure illicit funds from financial institutions. To address this problem, NICE Actimize, a NICE business, announced its cloud-first Money Mule Defense Solution designed to detect, investigate and prevent mule account activity occurring throughout the entire customer lifecycle for both existing customers and new accounts. This solution is designed to identify money mules that may either unwittingly be involved in fraudulent transactions or are directly complicit in irregular money movements.
“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.”
NICE Actimize’s Money Mule Defense solution utilizes deep learning models and purpose-built expert features to detect mule activities across multiple event types and channels in real-time. The solution identifies compromised accounts and payors by leveraging the power of NICE Actimize’s market leading enterprise fraud management platform IFM-X. NICE Actimize also employs a multi-model execution strategy that utilizes a diverse set of models, techniques, and algorithms to identify and prevent fraud. This allows organizations to quickly adjust their strategy to stay ahead of the most 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,” said Craig Costigan, CEO, NICE Actimize. “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.”
Utilizing the power of AI and NICE Actimize’s collective intelligence across the industry, the solution’s model for detecting money mules is continually optimized and enhanced to identify anomalous behaviors and suspicious transactions indicative of money mule activities.
NICE Actimize is the largest and broadest provider of financial crime, risk, and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading.
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