The Essentials P2P Fraud solution combines expert-driven models and advanced algorithms to produce the best and most accurate risk score with the lowest rate of false positives 

Are financial institutions’ fraud solutions fast enough for the challenging faster payments environment? NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, has launched an innovative approach to real-time Peer-to-Peer payments by expanding its market leading Fraud Essentials Cloud solution to address the fast-growing, P2P environment. NICE Actimize’s Fraud Essentials cloud environment enables faster deployment and lower total cost of ownership, bringing sophisticated fraud analytics to all sizes of financial institutions, including community and regional institutions and credit unions, which typically might be unable to access these benefits due to high operational costs or infrastructure requirements.

The Actimize Fraud Essentials cloud-based offering provides industry leading, end-to-end fraud management capabilities with real-time fraud detection, cross-channel analysis, and multi-payment coverage, as well as extensive fraud alert and case management. Leveraging the insights and experience gained from more than a decade supporting the world’s largest banks and FIs, the Actimize Fraud Essentials P2P enhancement combines expert-driven models and advanced algorithms to produce the best possible risk score with the lowest rate of false positives. The P2P capability features analytics trained to recognize known P2P fraud scenarios, dynamically builds entity profiles which learns typical user behavior, enabling detection of anomalies indicative of fraud.

“The emergence of real-time payments in the U.S. has arrived and is growing rapidly, and we are staying one step ahead of fast-moving fraudsters with our Essentials P2P cloud offering and managed analytics. The faster payments environment requires real-time advanced analytics, prioritized operations and the ability to create new strategies that address this complex world,” said Joe Friscia, President, NICE Actimize. “We are leading the industry in specialized fraud coverage for digital channels and payments, particularly in support of regional and community financial institutions.”

Other key features of the Actimize Essentials Fraud Solution addressing P2P requirements are:

• Dedicated mobile access analytics. Actimize P2P Essentials mobile-specific analytics monitors payments initiated in P2P applications. These app-initiated transactions provide rich data which can be used for channel-specific fraud monitoring and scoring. Financial institutions may mark, monitor and score P2P app transactions distinctly from other payments.
• Dynamic P2P Fraud Strategy: The solution allows users to leverage an enhancement to its analytics through its Essentials policy management tool. This intuitive user interface allows users to build their own rules in support of a dynamic fraud strategy unique to P2P payments fraud. These rules can be created, tested and promoted within minutes without IT department involvement.