Actimize has shared fraud prevention metrics from Top-5 US bank deployment. The bank said that it has been using the Actimize Wire and ACH (Automated Clearing House) fraud prevention solution and has detected 73% of all attempted wire fraud transactions in real time. By preventing genuine fraud losses using the Actimize solution, the bank recovered the value of its full software license investment within the first six weeks alone.
The bank has added that prior to implementing the Actimize Wire, it utilized a rule-based review of wire transactions as part of its core banking system. The legacy system did not provide it with an easy way to identify or investigative suspicious transactions and had very limited ability to stop transactions in real time. In contrast, the Actimize solution has detected nearly three out of four fraud attempts at a 1 to 15 false positive rate.
Amir Orad, EVP and chief marketing officer at Actimize, said: True, synchronic real-time blocking is a critical feature for banks, especially as wire transaction times shorten globally. As we’ve seen in the UK, the recently implemented ‘Faster Payments’ initiatives can result in ‘faster fraud’. The increase in retail and commercial wire transactions and the speed at which these payments occur will continue to accelerate. Banks need to make sure this channel is as protected or they will likely experience increased losses.
New York-based Actimize, a NICE Systems company, is a provider of software solutions for anti-money laundering, brokerage compliance and fraud prevention. Israel-based NICE Systems is a provider of Insight from Interactions solutions and value-added services.
