NICE Remote Banking Fraud Solution Prevents Fraud Losses for Malaysia CIMB Bank

NICE Actimize, a provider of single financial crime, risk and compliance software for the financial services industry, recently announced that its Remote Banking Fraud solution is successfully enabling Malaysia's CIMB Bank to reduce fraud losses. Within the first 30 days after implementation, the Actimize Remote Banking Fraud solution detected and stopped 51 confirmed cases of fraud, preventing an estimated loss of approximately US$200,000. In addition, according to CIMB, success continues as additional numerous cases are detected and thwarted.

"CIMB Bank is constantly looking for ways to improve customer confidence while using its CIMB Clicks remote banking service. We believe that implementing the solution from NICE Actimize will instill greater confidence in our customers in banking with us online," said Peter England, Head of Retail Financial Services at CIMB.

Partnering with Unisys to implement the solution, NICE Actimize sold the Actimize Remote Banking Fraud solution to CIMB in 2010. The implementation was completed in January 2011 and is now being used to detect fraud in online transactions targeting more than 1.5 million active customer accounts.

The Actimize Remote Banking Fraud solution provides high volume, cross-channel transaction monitoring across multiple remote channels including web, phone, mobile and more. The solution enables institutions to detect fraudulent activities with online authentication, session monitoring, transaction monitoring and other fraud detection capabilities.

"The Actimize Remote Banking Fraud solution is a valuable tool for fighting remote banking fraud patterns by quickly identifying specific types of fraud, thereby boosting return on investment and protecting the bank's reputation," stated Bruno Piers de Raveschoot, General Manager, Asia Pacific, NICE Actimize. "As we expand our presence throughout the Asia-Pacific region, we are pleased to confirm that we offer this enriched remote-banking fraud solution that catches fraud in real-time, prevents fraud attempts while allowing the customer to execute legitimate transactions, and efficiently balances both business fraud risk and customer impact."

Featured

  • Live From ISC West: Day 2 Recap

    If it’s even possible, Day 2 of ISC West in Las Vegas, Nevada, was even busier than the first. Remember to keep tabs on our Live From ISC West page for news and updates from the show floor at the Venetian, because there’s more news coming out than anyone could be expected to keep track of. Our Live From sponsors—NAPCO Security, Alibi Security, Vistacom, RGB Spectrum, and DoorKing—kept the momentum from Day 1 going with packed booths, happy hours, giveaways, product demonstrations, and more. Read Now

    • Industry Events
    • ISC West
  • Visiting Sin City

    I’m a recovering alcoholic, ten years sober this June. I almost wrote “recovered alcoholic,” because it’s a problem I’ve long since put to bed in every practical sense. But anyone who’s dealt with addiction knows that that part of your brain never goes away. You just learn to tell the difference between that insidious voice in your head and your actual internal monologue, and you get better at telling the other guy to shut up. Read Now

  • On My Way Out the Door

    To answer that one question I always get, at every booth visit, I have seen amazing product technology, solutions and above all else, the people that make it all work. Read Now

    • Industry Events
    • ISC West
  • Return to Form

    My first security trade show was in 2021. At the time, I was awed by the sheer magnitude of the event and the spectacle of products on display. But this was the first major trade show coming out of the pandemic, and the only commentary I heard was how low the attendance was. Two representatives from one booth even spent the last morning playing catch in the aisle with their giveaway stress balls. Read Now

    • Industry Events
    • ISC West
Most   Popular

Featured Cybersecurity

New Products

  • D-Tools System Integrator (SI) Software

    D-Tools System Integrator (SI) Software

    D-Tools Inc. has announced the availability of System Integrator version 16, which adds powerful new project and service management capabilities to its award-winning, end-to-end business management solution. 3

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation. 3

  • BriefCam v6.0

    BriefCam v6.0

    BriefCam has released BriefCam v6.0, which introduces the new deployment option of a multi-site architecture. This enables businesses with multiple, distributed locations to view aggregate data from all remote sites to uncover trends across locations, optimize operations and boost real-time alerting and response – all while continuing to reap the benefits of BriefCam's powerful analytics platform for making video searchable, actionable and quantifiable. 3