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Nice Actimize Fraud & Authentication Management Primary Use Case

Actimize Implementor and Developer at a tech services company with 10,001+ employees

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.

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GL
AVP, Compliance at a financial services firm with 10,001+ employees

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.

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HS
Team Lead at a computer software company with 10,001+ employees

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.

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Learn what your peers think about Nice Actimize Fraud & Authentication Management. Get advice and tips from experienced pros sharing their opinions. Updated: January 2022.
565,689 professionals have used our research since 2012.
Associate Manager - Sanctions, Regulatory Affairs and AML Projects at UAE Exchange

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. 

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BG
VP Complience at a financial services firm with 10,001+ employees

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.

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AC
AML Consultant at a tech services company with 51-200 employees

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. 

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Senior Quality Assurance Engineer at a tech services company with 11-50 employees

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. 

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Enterprise Analytics at a tech services company with 10,001+ employees

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.

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BG
VP - Compliance at a financial services firm with 10,001+ employees

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.

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SM
Director at a printing company with 51-200 employees

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

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Learn what your peers think about Nice Actimize Fraud & Authentication Management. Get advice and tips from experienced pros sharing their opinions. Updated: January 2022.
565,689 professionals have used our research since 2012.