How does NICE Actimize Fraud Management compare to Fraud Prevention?

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.

Sumsub's Fraud Prevention solution is designed to detect and prevent fraudulent activities throughout the user journey. Leveraging advanced machine learning algorithms and a vast database of fraud patterns, the system profiles user data, cross-references patterns, and triggers automated responses to minimize false positives.

Key features include:

- Behavioral-Based Fraud Detection: Transforms unique human behaviors into security measures by tracking user patterns over time and promptly flagging deviations.

- Graph Neural Network Analysis: Utilizes a Fraud Network Detection Tool to expose serial fraud by identifying suspicious behaviour and clustering users into networks based on various attributes such as IPs, devices, selfies, action time, and documents.

- Data Orchestration: Collects and analyzes data from multiple sources and stages of user interaction, providing a real-time risk score to bolster fraud defense.

By integrating these capabilities, Sumsub's Fraud Prevention solution ensures businesses can effectively detect and respond to fraudulent activities, protecting both the company and its users.

• 🏆 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.

Sumsub, short for "Sum and Substance," is a London-based company specializing in identity verification and compliance solutions. Founded in 2015 by brothers Andrew, Peter, and Jacob Sever, along with Vyacheslav Zholudev, Sumsub has grown into a global provider of Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) screening, and fraud prevention services.

Core Offerings:

- User Verification: Sumsub's platform facilitates seamless online identity verification across over 220 countries, achieving a 93% first-try verification success rate. It employs AI-driven Optical Character Recognition (OCR) technology to handle various document types and scripts, ensuring high pass rates globally.

- Business Verification (KYB): The company streamlines the verification process for businesses, enabling rapid onboarding while ensuring compliance with regulatory standards.

- Transaction Monitoring (KYT): Sumsub's platform monitors user transactions in real-time to detect suspicious activities, aiding in AML compliance and fraud prevention.

- Fraud Prevention: Utilizing advanced machine learning algorithms, Sumsub identifies and mitigates fraudulent activities, protecting businesses from various types of digital fraud.


Global Reach and Clientele:

Sumsub operates internationally, with offices in London, Berlin, Limassol, Miami, Dubai, and Singapore. The company serves over 2,500 clients across industries such as fintech, online gaming, trading, and transportation. Its platform is designed to secure the entire user journey, from onboarding to ongoing monitoring, providing a unified solution for compliance and fraud prevention needs.

Technological Capabilities:

The platform incorporates face matching and liveness detection technologies, ensuring that the individual presenting identification documents is physically present and matches the document's holder. This enhances the accuracy and reliability of the verification process.

Recognition and Impact:

In 2023, Sumsub was recognized as a G2 Leader in Identity Verification Services, highlighting its prominence in the industry.

Financial and Operational Highlights:

As of 2024, Sumsub has raised a total of $7.5 million in funding over three rounds, with investors including Flint Capital and MetaQuotes. The company reported an annual revenue of £31.49 million in FY 2022 and employs over 450 professionals worldwide.