The analyst report stated that by embracing artificial intelligence, machine learning, and cloud computing, NICE Actimize continuously developed new features and functionalities for enterprise fraud management
NICE Actimize, a NICE business, has announced that it is the recipient of the 2021 Frost & Sullivan North America Technology Innovation Leadership Award for enterprise fraud management (EFM). For the Technology Innovation Leadership Award, Frost & Sullivan analysts independently evaluated two key factors — technology leverage and business impact — across ten benchmarking criteria. Frost & Sullivan’s Technology Innovation Award recognizes the company that has introduced the best underlying technology for achieving remarkable product and customer success while driving future business value.
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NICE Actimize Recognized with 2021 Frost & Sullivan North America Technology Innovation Leadership Award for Enterprise Fraud Management.
According to Frost & Sullivan’s analysis of NICE Actimize, “At the foundation of NICE Actimize’s expansive product portfolio lies its Integrated Fraud Management (IFM-X) platform. Launched as a next-generation platform in 2019, IFM-X serves as a fraud hub for NICE Actimize’s clients, combining disparate data streams, adaptive data analytics, artificial intelligence, and machine learning to solve clients’ complex needs with holistic fraud management.
The technology innovation report explained, “The platform includes a variety of packaged solutions specifically designed to enable use cases in authentication management, digital banking fraud, payments fraud, business email compromise, advanced fraud analytics, card and emerging payments fraud, check fraud, and internal threats.”
“NICE Actimize’s leadership and dedication to the industry have led the company to create an extensive portfolio of fraud management products that empower users in an endless number of use cases. By embracing key mega trends such as artificial intelligence (AI), machine learning (ML), and cloud computing, the company continuously developed new features and functionalities that enable its clients to be proactive as they join forces to address the emerging fraud threats,” said Jeffrey Castilla, Best Practices Research Team Leader, Frost & Sullivan. “With its strong overall performance, NICE Actimize earns the 2021 Frost & Sullivan Technology Leadership Award for enterprise fraud management.”
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The report also acknowledged NICE Actimize’s continuing commitment to the cloud, observing, “NICE Actimize is positioned to support their clients on their journey with a suite of cloud-based value-added services. The company had already started its journey to the cloud years ago, beginning with ActimizeWatch, its managed analytics service, and subsequently developing into an extensive suite of solutions.”
Additionally, the report cited NICE Actimize’s investment in AI and machine learning targeting its enterprise fraud solutions, explaining, “NICE Actimize continues to evolve it’s AI/ML capabilities with investments in automated and adaptive machine learning, as well leveraging cutting-edge AI/ML techniques like ‘Federated Learning’ to automatically share fraud signals between its risk models, across NICE Actimize’s client base. This allows organizations to be proactively protected from emerging Fraud typologies based on collective intelligence.”
“As a leader in the enterprise fraud management space, NICE Actimize continually innovates with advancements in cloud, artificial intelligence, and machine learning so that financial services organizations more effectively stop emerging fraud threats,” said Craig Costigan, CEO, NICE Actimize. “We thank Frost & Sullivan for identifying NICE Actimize’s differentiators in technology and innovation that support FSOs in their fight against the challenging environment surrounding new and aggressive fraud types.”
The report also noted that in 2020, “NICE Actimize announced a strategic acquisition of a market leader in entity enrichment and resolution. This acquisition became X-Sight DataIQ, which NICE Actimize integrated into its portfolio. X-Sight DataIQ orchestrates the aggregation of entity data across hundreds of public and premium sources to ensure that entity data is always accurate. This intelligence fuels detection accuracy and alert resolution efficiency.”
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