The IFM-X Mule Defense system from NICE Actimize is intended to identify, look into, and stop money-mule activities throughout the whole financial client lifecycle.
The IFM-X Mule Defense solution from NICE Actimize, a division of NICE (Nasdaq: NICE), has been chosen as the winner of the “Fraud Prevention Innovation Award” by FinTech Breakthrough, an independent organization that honors the best businesses, technologies, and goods in the current global FinTech market. The Mule Defense solution makes use of the IFM-X enterprise fraud management platform from NICE Actimize, a market leader in the delivery of advanced artificial intelligence and machine learning-based fraud detection capabilities.
The FinTech Breakthrough Awards are the most prestigious awards program created to honor global FinTech innovators, leaders, and visionaries in a variety of categories, including Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many others. More than 4000 nominations from all over the world were submitted for the 2023 FinTech Breakthrough Awards program.
While the fraud category for our industry awards remained very competitive, James Johnson, Managing Director of FinTech Breakthrough, noted that NICE Actimize’s Mule Defense solution “demonstrated a truly breakthrough approach supported by its previous FinTech Breakthrough award-winning IFM-X enterprise fraud platform.” “We are proud to name NICE Actimize a major innovator once more. The NICE Actimize team deserves congratulations for receiving this well-deserved honor.
The Mule Defense solution uses deep learning models and purpose-built expert features to detect mule activities across multiple event types and channels in real-time, according to Craig Costigan, CEO of NICE Actimize. “Leveraging the power of our enterprise fraud management platform IFM-X, NICE Actimize has invested in the Mule Defense solution,” he added.
The IFM-X Mule Defense solution from NICE Actimize is made to identify, look into, and stop mule account activity throughout the whole customer lifecycle for both current and new accounts. The goal of this approach is to locate money mules who may be directly or indirectly participating in erroneous financial transactions or who may be unaware of fraudulent activity.
With prior victories for its cutting-edge IFM-X platform and its New Account Fraud solutions, NICE Actimize has now won four awards in the FinTech Breakthrough category for Fraud Innovation.