Welcome!

Mobile IoT Authors: Elizabeth White, Sematext Blog, Liz McMillan, Pat Romanski, Peter Silva

News Feed Item

NICE Actimize's Card Fraud Solution Used by Thailand's National ITMX, a Leading Interbank Payment Provider, to Detect Fraud

The Actimize Card Fraud Solution in production will be monitoring 70 million ATM/debit card transactions a month for the provider's 21 member banks

NEW YORK, January 15, 2013 /PRNewswire/ --

NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, announced today that the Actimize Card Fraud Solution has been successfully implemented by National ITMX, Thailand's interbank payment provider, providing real-time fraud detection for its 21 member banks. The implementation, fully completed in less than six months, detects fraud in ATM/debit card transactions and will be monitoring a total of nearly 70 million transactions per month.

The Actimize Card Fraud solution, which is part of the Actimize Integrated Fraud Management solutions suite, is being used by ITMX as part of its card fraud monitoring and detection system (CFMD) to monitor transactions in real time, protect its members from fraudulent transactions, and ensure consistent coverage across its member institutions while reducing financial losses and operational costs. In response to the strategic roadmap developed by the Bank of Thailand, National ITMX developed its proprietary framework - the ITMX System - to bring Thailand's electronic commerce and payment system up to international best practices and standards. Partnering with Stream I.T. Consulting Ltd. in Thailand, NICE Actimize licensed the Actimize Card Fraud solution to National ITMX earlier this year.

"Our business direction is to serve the country's strategic payment roadmap as initiated by the Bank of Thailand and, as such, it is our duty to ensure that our system is continually improving to cater to the needs of our members in the areas of new service development and customer satisfaction in terms of efficiency and added-value," said Wanna Noparbhorn, Managing Director at National ITMX.

She added, "We selected NICE Actimize's card fraud solution because we realized that we needed to add additional layers of security for our member institutions, as well as create greater awareness regarding fraud. Not only has our relationship with NICE Actimize and its partner, Stream I.T., been positive, but we can now offer a unique service to our members. It has been extremely beneficial to us to implement the NICE Actimize solution, as we have been able to know and understand our customers better, and the outcome has been rewarding."

"Our deep experience in helping financial institutions develop and execute unique and adaptable enterprise fraud mitigation strategies has enabled us to address National ITMX's challenges and offer a comprehensive solution to combat fraud for its member institutions that they can adapt and add to over time with additional capabilities," said Amir Orad, President and CEO of NICE Actimize. "The depth of our expertise, and breadth and flexibility of our card fraud detection technology, will enable the cardholders covered by Thailand's system to be protected and is expected to promote adoption of electronic payments in this fast-growing economy."

"At Stream, we worked closely with National ITMX and NICE Actimize to deliver rapid deployment of the Actimize Card Fraud solution," said Vichu Charuchandr, Managing Director at Stream I.T. Consulting Ltd. "In less than six months, we commenced real-time detection streaming through the CFMD System. The system is now live, servicing all 21 member banks operating in Thailand."

Actimize Integrated Fraud Management solutions deliver real-time, customer-centric fraud prevention that support a holistic, enterprise-wide fraud management program. The NICE Actimize Card Fraud Solution, which is part of the Actimize Integrated Fraud Management suite, provides robust fraud detection and case management capabilities to process high volume, real-time transaction scoring, decisioning, alerting and resolution for signature, ATM, PIN and card not present card transactions, efficiently preventing fraudulent usage. Leveraging proven analytics, user-friendly policy authoring and customer-specific fraud strategies, the NICE Actimize advanced solutions detect more fraud with lower false positive rates, while allowing customers continued use of cards for legitimate transactions.

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at http://www.nice.com/actimize.

About NICE Systems

NICE (NASDAQ: NICE) is the worldwide leader of software solutions that deliver strategic insights by capturing and analyzing mass quantities of structured and unstructured data in real time from multiple sources, including phone calls, mobile apps, emails, chat, social media, and video. NICE's solutions enable organizations to take the Next-Best-Action to improve customer experience and business results, ensure compliance, fight financial crime, and safeguard people and assets. NICE solutions are used by over 25,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies. http://www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Systems. All other marks are trademarks of their respective owners. For a full list of NICE Systems' marks, please see: http://www.nice.com/nice-trademarks.

About National ITMX Co. Ltd

National ITMX Company limited was established to satisfy Thailand's requirement to keep up with continuing global advancement in electronic commerce and payment systems. Under direction from the Bank of Thailand, National ITMX is set up to be the key infrastructure and central data processing system that exchanges, manages, and processes data across member banks/organizations in order to support e-commerce, electronics fund transfer, etc. The system supports all kinds of electronic payments and funds transfer from various banks' channels including ATMs, Counters, Internet and mobile channels. To foster the interoperability among banks, the system created utilizing open platform that are secured, efficient, and has the ability to respond rapidly to the ever changing business environment, and bring Thailand's electronic payment system to the international level.

About Stream

Stream I.T. Consulting Ltd. was established in November 1998 and is fast becoming one of the leading Systems Integration and IT consultancies in Thailand today. Since its foundation, the consultancy has earned a reputation as a reliable provider of strategic business systems for transactional banking and Fraud Management Solution to local clients and is known for its strengths particularly in the Banking and Telecom sectors. More information is available at http://www.stream.co.th

Press Contacts:
Cindy Morgan-Olson
NICE Actimize
+1-212-851-8842
[email protected]

Florence V. Heynard
NICE Actimize
+852-2598-3831
[email protected]

Investors:
Marty Cohen
+1-212-574-3635 (ET)
Anat Earon-Heilborn
+972-9-775-3798 (CET)
NICE Systems Ltd.
[email protected]

SOURCE NICE Systems Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.