Mobile IoT Authors: Elizabeth White, Yeshim Deniz, Liz McMillan, Ram Sonagara, Pat Romanski

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
[email protected]

Florence V. Heynard
NICE Actimize
[email protected]

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
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
SYS-CON Events announced today that Enzu 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Cloudbric, a leading website security provider, 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. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
SYS-CON Events announced today that SoftNet Solutions 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. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
“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. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
SYS-CON Events announced today that Embotics, the cloud automation company, 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. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
SYS-CON Events announced today that Coalfire 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. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium 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. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...