Using anonymized data, insights were secured
across online and offline payments channels, including P2P, ACH,
wires, checks, and card transactions
NICE Actimize, a NICE (NASDAQ: NICE) business, has
released "The 2022 NICE Actimize Fraud Insights Report" that
identifies and analyzes the leading fraud threats and patterns that
impacted leading global financial institutions in 2021. Noting that
banking fraud continues to rise, the data-driven research study
found a 41% increase in attempted fraud over a similar evaluation
conducted the year before by its data scientists.
Leveraging NICE Actimize’s X-Sight AI, which utilizes Federated
Learning techniques and collective intelligence to spot emerging
threats and suspicious patterns of activity, the report was created
by analyzing billions of banking and payments transactions
representing over $110 trillion in value. NICE Actimize currently
employs these techniques across leading financial institutions to
monitor and stay aware of advancing fraud threats. Its data
scientists and fraud subject matter experts compiled anonymized
data secured from a subset of its total monitored transactions,
including both online and offline payments channels that covered
ACH, wires, checks, card purchases, and P2P transactions. The Fraud
Insights Report aggregated and synthesized fraudulent activity
patterns seen across a range of global financial institutions.
The NICE Actimize 2022 Fraud Insights report showed that
increased utilization of mobile devices for everyday purposes, such
as banking, shopping, and communication, heavily impacted the fraud
landscape in 2021. Fraud increased across the board, from P2P
payments and digital wallets to traditional check payments. Among
NICE Actimize’s findings, mobile channels saw the highest increase
in fraud attempts. NICE Actimize projects that mobile channels will
continue to be a target throughout 2022.
Additionally, the Fraud Insights Report’s key findings also
showed:
- Banking and payments transactions using mobile devices have
increased substantially according to the report. But unfortunately,
the popularity of mobile usage goes hand-in-hand with fraud – 61%
of attempted fraud attacks through mobile apps are Account
Takeovers (ATOs), the data showed.
- Fraudsters are exploiting the prevalence of mobile to target
and leverage older devices. The report also showed that cell phones
using older operating systems or made before 2016 have three times
more fraud attempts associated with them than newer devices or
operating systems.
- Nearly half (46.9%) of attempted fraud stemmed from
card-not-present transactions across payment channels. As a result,
online transactions presented a growing focus in the threat
landscape.
Explains Craig Costigan, CEO, NICE Actimize, “Incidents
of fraud against financial institutions and consumers continue to
rise. For financial institutions to conquer these challenges, they
must fully leverage data as the most important element of fraud
prevention. World-class collective intelligence, with advanced
analytics and AI, provides protections that safeguard banking
channels while enabling more friction-free customer
experiences.”
NICE Actimize projects that P2P transactions will emerge as a
dominant challenge impacting the 2022 threat landscape as financial
institutions continue to see an acceleration of digital-initiated
transactions. In its findings, NICE Actimize noted that P2P fraud
saw an increase of 63% in attempted fraud dollar value and a 38%
increase in attempted fraud rate in the past year.
To download a copy of NICE Actimize’s 2022 Fraud Insights
report, please click here.
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk, and compliance
solutions for regional and global financial institutions and
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. In addition, 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
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICE With NICE (Nasdaq: NICE), it's never been
easier for organizations of all sizes around the globe to create
extraordinary customer experiences while meeting key business
metrics. Featuring the world's #1 cloud-native customer experience
platform, CXone, NICE is a worldwide leader in AI-powered
self-service and agent-assisted CX software for the contact center
– and beyond. Over 25,000 organizations in more than 150 countries,
including over 85 of the Fortune 100 companies, partner with NICE
to transform - and elevate - every customer interaction.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan, are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the "Company"). In some cases, such forward-looking
statements can be identified by terms such as "believe," "expect,"
"seek," "may," "will," "intend," "should," "project," "anticipate,"
"plan," "estimate," or similar words. Forward-looking statements
are subject to a number of risks and uncertainties that could cause
the actual results or performance of the Company to differ
materially from those described herein, including but not limited
to the impact of changes in economic and business conditions,
including as a result of the COVID-19 pandemic; competition;
successful execution of the Company's growth strategy; success and
growth of the Company's cloud Software-as-a-Service business;
changes in technology and market requirements; decline in demand
for the Company's products; inability to timely develop and
introduce new technologies, products and applications; difficulties
or delays in absorbing and integrating acquired operations,
products, technologies and personnel; loss of market share; an
inability to maintain certain marketing and distribution
arrangements; the Company's dependency on third-party cloud
computing platform providers, hosting facilities and service
partners;, cyber security attacks or other security breaches
against the Company; the effect of newly enacted or modified laws,
regulation or standards on the Company and our products and various
other factors and uncertainties discussed in our filings with the
U.S. Securities and Exchange Commission (the "SEC"). For a more
detailed description of the risk factors and uncertainties
affecting the Company, refer to the Company's reports filed from
time to time with the SEC, including the Company's Annual Report on
Form 20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005061/en/
Corporate Media Contact: Cindy Morgan-Olson, +1 646 408
5896, ET NICE Actimize cindy.morgan-olson@niceactimize.com
Investors Marty Cohen, +1 551 256 5354, ET
ir@nice.com
Omri Arens, +972 3 763 0127, CET ir@nice.com
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