How does NICE Actimize Fraud Management compare to Abrigo Fraud Detection Platform?

NICE Actimize's Enterprise Fraud Management (EFM) platform, branded as Integrated Fraud Management (IFM-X), is a calable solution designed to help financial institutions detect, prevent, and manage fraud across multiple channels and products. By leveraging advanced analytics, machine learning, and real-time processing capabilities, IFM-X provides organizations with a holistic and proactive approach to combating fraud.

NICE Actimize’s IFM-X platform is recognized as a leader in enterprise fraud management by analysts like Gartner and Forrester. Its flexible and modular approach makes it suitable for a wide range of use cases:

1) Retail Banking: Protecting personal accounts and consumer transactions.
2) Corporate Banking: Safeguarding business accounts and high-value payments.
3) Fintech and Digital Wallets: Preventing fraud in emerging payment methods and platforms.

Key Modules

Card Fraud Detection:
- Detects fraud in credit, debit, and prepaid card transactions.
- Supports EMV, contactless payments, and 3D Secure protocols.
- Prevents counterfeit card fraud, card-not-present (CNP) fraud, and lost/stolen card fraud.

Payments Fraud:
- Protects real-time payments, wire transfers, and ACH transactions.
- Mitigates risks associated with faster payment schemes like SEPA and FedNow.
- Includes capabilities for preventing authorized push payment (APP) fraud.

Digital Banking Fraud:
- Safeguards mobile and online banking platforms against account takeover (ATO), phishing, and malware attacks.
- Monitors login patterns, device data, and session behaviors to detect anomalies.

Insider Fraud Detection:
- Identifies suspicious activity originating from employees or contractors.
- Monitors access to sensitive systems and data for unusual behavior.

Abrigo's Fraud Detection Software is designed to help financial institutions identify, detect, and stop fraud more accurately and efficiently, protecting both the institution and its customers or members from bad actors. Key features include:

- Automated Workflows: Increases efficiency with automated end-to-end fraud detection workflows, minimizing manual processing and lowering costs.

- AI-Driven Check Image Analysis: Examines 22 elements like handwriting and signatures, leveraging a nationwide consortium of check data to provide a transparent fraud risk score that powers the automated decisioning process.

- Comprehensive Fraud Management: Detects altered items, forgeries, and fraudulent check images at a higher rate by unifying AI/ML-powered check image analysis with configurable decision engines.

- Integrated Systems: Offers a robust, transparent, and adaptable financial crime solution suite that includes both fraud detection software and AML software, enabling better detection, management, and resolution of suspicious activity.

By providing these features, Abrigo's Fraud Detection Software enables financial institutions to combat financial crime effectively, ensuring the safety and integrity of their operations.

• 🏆 Ranked - Leader by Forrester (2024)
• 🏆 Best AI-based Solution for Customer Experience by AI Breakthrough Awards (2024)
• 🏆 Category Winner - Use of AI for Customer Service by Chartis (2024)
• 🏆 Category Winner - Use of AI in AML and Transaction Monitoring by Chartis (2024)
• 🏆 Category Winner - Use of AI in Financial Crime Risk by Chartis (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 1 by Chartis (2024)
• 🏆 RiskTech AI 50 2024 - Ranked 8 by Chartis (2024)
• 🏆 Ranked - Leader by IDC (2024)
• 🏆 Category Winner - Use of AI in communication and control by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 15 by Chartis (2024)
• 🏆 Category Winner - Case Management by Chartis (2024)

NICE Actimize is a leading provider of financial crime, risk, and compliance solutions for organisations in the financial services industry. A division of NICE, Actimize leverages analytics, artificial intelligence (AI), and machine learning to help its clients mitigate risks, detect fraud, prevent financial crimes, and ensure regulatory compliance. NICE Actimize has headquarters in Ra'anana, Israel, and offices worldwide.

NICE Actimize consistently ranks highly in 'top' lists for financial crime and fraud solutions. Currently, its key solutions cover AML, Enterprise Fraud Management, Financial Markets Compliance, Investigation and Case Management and KYC.

brigo, founded in 2000 and headquartered in Austin, Texas, is a prominent provider of compliance, credit risk, and lending software solutions tailored for financial institutions. The company's mission is to "Make Big Things Happen," emphasizing its commitment to assisting community financial institutions in navigating complex regulatory landscapes, resource constraints, and evolving market dynamics.

Over the years, Abrigo has strategically expanded its capabilities through several key acquisitions:

2018: Acquired MainStreet Technologies (MST) and Sageworks, leading to the rebranding as Abrigo in January 2019.
2019: Integrated Farin Financial Risk Management into its portfolio.
2022: Purchased Valuant and BankLabs' Construct and +Pay construction loan administration and funding solutions.
2023: Added DiCOM Software to enhance its service offerings.
2024: Welcomed TPG Software, further expanding its mission-critical solutions for financial institutions.

These acquisitions have bolstered Abrigo's product suite, enabling the company to offer comprehensive solutions that automate processes such as anti-money laundering, fraud detection, credit risk management, and lending services. By integrating these diverse capabilities, Abrigo empowers financial institutions to mitigate risk, streamline workflows, and make informed decisions with confidence.

As of 2024, Abrigo employs approximately 768 individuals across multiple locations, including Austin, Texas; Madison, Wisconsin; and Raleigh, North Carolina.