How does NICE Actimize Fraud Management compare to Riskified 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.

The Riskified Platform is a comprehensive eCommerce risk management solution designed to deliver revenue-critical decisions while enabling seamless customer experiences. By leveraging advanced machine learning and a vast merchant network, the platform ensures accurate, real-time decision-making at scale, empowering merchants to protect their revenue and build customer trust.

Key Use Cases:

- Chargeback Guarantee: Prevent fraud by accurately identifying fraudulent transactions and ensuring approved transactions are protected against chargebacks. This boosts revenue while reducing fraud-related losses.

- Dispute Resolve: Automates the process of fighting chargebacks, helping merchants recover revenue efficiently. This feature reduces operational burden and enhances cash flow.

- Account Secure: Blocks account takeover (ATO) attempts by analyzing user behavior and detecting anomalies. This builds consumer trust and protects sensitive account information.

- Policy Protect: Mitigates policy abuse, such as returns and refund fraud, while rewarding loyal customers. This ensures fair interactions while maintaining customer satisfaction.

- PSD2 Optimize: Complies with PSD2 regulations while reducing friction during the checkout process. This drives higher conversion rates and enhances customer experiences.

The Riskified Platform continuously learns and improves its performance by analyzing billions of transactions and feeding insights back into its machine learning models. With tools such as Control Center dashboards and explainable machine learning, merchants gain full transparency and control over fraud management while optimizing their operational efficiency. The platform enables businesses to scale confidently, ensuring accuracy, security, and profitability in the ever-evolving eCommerce landscape.

• 🏆 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.

Riskified is a publicly traded company specializing in e-commerce fraud prevention and chargeback protection. Founded in 2012 by Eido Gal and Assaf Feldman, the company operates dual headquarters in New York City and Tel Aviv. Riskified's platform leverages machine learning algorithms to analyze behavioral data, detect fraudulent activities, and guarantee approved transactions against chargebacks.

The company's technology suite includes behavioral analysis, elastic linking, and proxy detection to identify and mitigate fraud risks. By employing these advanced tools, Riskified enables merchants to approve legitimate transactions that might otherwise be declined, thereby enhancing customer experience and increasing revenue.

In its financial trajectory, Riskified reported a revenue of $297.61 million for the fiscal year 2023, marking a 13.92% increase from the previous year. Despite this growth, the company incurred a net loss of $59.04 million, which represents a 43.62% reduction in losses compared to 2022.

Riskified serves a global clientele, partnering with some of the world's most recognizable retail brands, including three of the ten largest e-commerce merchants.

In July 2021, Riskified launched its initial public offering on the New York Stock Exchange, achieving a valuation of $4.3 billion at that time. Since then, the company has continued to innovate in the fraud prevention space, aiming to make online shopping secure and frictionless for both merchants and consumers.