NICE Actimize Blog:
Fighting Financial Crime

How to Identify and Address True Customer Risk

It is nearly impossible for financial services organizations (FSOs) to fully understand all the risks they are exposed to. Finance being the bedrock of the global economy means FSOs have to cover a vast surface area and assess the sea of information the global economy produces. When you zoom in on a specific transaction or entity, finding the relevant data needed to make an informed decision is often difficult.

‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel

APAC: New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.

FFIEC’s 2021 Online Security Guidance and Beyond

In the summer of 2021, the FFIEC released its long-awaited updated guidance on online security “Authentication and Access to Financial Institution Services and Systems”. The last major guidance was in 2011, with a commentary on mobile security around 2015 in the FFIEC Examination Handbook. With a near 10-year gap in guidance, financial services organizations (FSOs) under the FFIEC, or not, have managed their online security risks beyond just waiting for the FFIEC to opine. New in this guidance is reference to important outside resources such as the National Institute of Standards and Technology (NIST), and for instance, the four volume NIST 800-63 series which are must reads for the online security practitioner.

Reading the Tea Leaves: 2022 Fraud and AML Outlook

It’s no secret: 2021 was an ever-evolving year for financial crime fighters. Both threats and world events emerged quickly to forever change the risk landscape, and Financial Services Organizations (FSOs) have needed to stay five steps ahead to combat these new fraud and AML (FRAML) vulnerabilities.

AML Predictions – Looking forward to 2022

As we start off another year, let’s revisit my 2021 AML predictions to see how they held up, and explore what 2022 may hold.

Financial Crime 2022 – Industrialized Fraud Looms for the New Year

Within the past year, many financial services organizations (FSOs) grappled with the impact of the pandemic, and in the case of fraud, with corruption on payments related to the reimbursements afforded to consumers and businesses during this timeframe – the perfect target for fraudsters. As we move into 2022, emerging issues have already begun to fall into the sights of financial services firms. Post pandemic, as FSOs pivot from storefronts to a dominant online, digital environment, the importance of customer satisfaction and frictionless customer experiences have become even more critical to retaining customers and competing in a digital world.

Suspicious Activity Reports: It’s Why We Do What We Do

Recently, we’ve covered the basics of what money laundering is and how it affects the global economy, as well as the origins of anti-money laundering (AML) and how a strong AML program can truly elevate the capabilities of any financial services organization (FSO).

Three Ways Location Intelligence Helps Fight Financial Crime

Payment fraud. Account takeovers. Money laundering. Clever financial criminals have many ways to profit from their victims.

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