A US bank reports that fraud prevention solution of NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) risk management software developer subsidiary Actimize Ltd. detected 73% of all attempted wire fraud transactions in real time using the data from the wire instruction itself. NICE did not disclose the name of the bank, only that it was a "top-five" bank.
The bank uses the Actimize Wire and ACH (Automated Clearing House) fraud prevention product. The bank said that it recovered the value of its full software license investment within the first six weeks of using the product. The Actimize solution detected almost three-quarters of fraud attempts at a one to fifteen false positive rate, compared with a 50% false positive rate by comparable solutions.
Actimize EVP and chief marketing officer Amir Orad noted, "True, synchronic real-time blocking is a critical feature for banks, especially as wire transaction times shorten globally. As we've seen in the UK, the recently implemented 'faster payments' initiatives can result in 'faster fraud'. The increase in retail and commercial wire transactions and the speed at which these payments occur will continue to accelerate. Banks need to make sure this channel is as protected or they will likely experience increased losses."
NICE's share closed at $24.80 on Nasdaq yesterday. The share rose 0.9% by early afternoon on the TASE to NIS 98.20.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2009
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