Nice Actimize Fraud & Authentication Management Reviews

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. 

The solution is highly intelligent and effective for detecting fraud in transactions. This is the solution's best feature. 

Multiple transactions are processed in a logical amount of time that is fast.

There are various settings to improve performance. 

You can customize the solution and implement things over the top of the fraud features. 

The solution is easier to set up, configure, and use than other products. 

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.

The most valuable feature is the designer, which allows us to connect to UI and build things directly, such as creating a platform with our synchronizing policy manager rules, without any additional requirements.

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.

In terms of management information (MI), it isn't push-button, and by that, I mean that all the MI we need for specific alerts or specific clients has to be extracted, sometimes tediously by individual alerts. Some Mi is more automated. Maybe we could code the extractions to be more complete, if money was unlimited, which it is not. 

In any case, we can track MI internally to see where potential problems or hotspots may be occurring. From a bank standpoint, it allows us to look at which clients or house traders might be problematic, and which rule-sets are running hot.

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 product and it helps the customers in preventing fraud 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 either 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.

With the number of transactions that are happening, everyone has a card and all of us do some transactions, so the volume of transactions and suspicious transactions is huge. In order to go through all the transactions, you need to have a lot of analysts and a lot of manpower, and the time to decide whether it is a fraud or not a fraud is huge. By using this product, Actimize, you are able to reduce the number of analysts working on it and have all the data for the transaction, the customers, and other things involved, embedded on a single screen. 

One of the criteria which determines a fraud is the country of origin of the transaction. There are red countries or blacklist countries, and certain things like that. For example, Afghanistan would be a country wherein if a person makes a transaction of more than 10,000 USD, it is considered that it could be a potential terrorist funding or some related activity. These kinds of things you can come to know. For example, there was a feature showing where the transaction was made or the card was swiped. You would also get that on a map - there will be a small link there. If an analyst wants to see where the actual transaction was done, he can also get that information right on that particular page. So all the details are in one place which makes it easier for an analyst to decide whether it is fraud or not.

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.

The solution has improved the productivity of financial institutions. The number of fraudulent activities within the banking system has reduced since the system helps them track suspicious activities. After the deployment and installation, another phase of deployment was required to get access to the benefits.

There is a dashboard called Risk Case Management which helps you access trade business models. This dashboard helps with the authentication of the end user. There are about three to four different levels that are not from a particular department or unit. There are a lot of notifications and approvals to be made for a user to have access to the system. It is one of the things that gives credibility to the tool.

The product is very fast, and we use it for fraud detection. We are a merchant experience business and monitor transactions. We are the end user of the solution, and we monitor transactions we get from the Power Machine ATM website.

They created a new UI that is very user-friendly. For example, a business user can log in, create their rules, and see the system's rules. We can also use our plugin and build in Java and Python.

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 like the score generated on the Actimize platform for each customer transaction. Those are transactions per second, accommodating millions of transactions per second. That's the best feature of Actimize.

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.

We have been using this product for regulatory reasons because it's a market leader in AML domain. It helps when we go to the regulators and can show them we're using a solution that is a market leader. It gives us comfort and gives the regulators comfort that our transaction monitoring software is up to scratch.