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."