NICE Actimize Introduces Real-Time Money Mule Defense Solution to Detect Illicit Activity

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 (Nasdaq: NICE), 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.”

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.”

Craig Costigan, CEO, NICE Actimize, said:

“NICE Actimize’s innovative approach to identifying money mules encompasses the entirety of the customer payments lifecycle, protecting both inbound and outbound payments. 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.”

As noted in the update, NICE Actimize claims it 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.”

With NICE, it’s never been easier for organizations of all sizes around the globe “to create extraordinary customer experiences while meeting key business metrics.”

Featuring a cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software “for the contact center – and beyond.”

Over 25,000 organizations in more than 150 countries, “including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction.”

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