Actimize Releases Industry's Most Comprehensive Online Fraud Solution for Financial Services; Multi-Factor Authentication and Fraud Detection Technology Combine to Deliver End-To-End Online Fraud Prevention.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Actimize Inc., a leading provider of enterprise technology solutions for fraud prevention and regulatory compliance, today announced the launch of Actimize Online Fraud Prevention 2.0, a second generation online fraud solution combining smart, multi-factor authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. and highly accurate financial fraud detection technology for the first time. This unique approach provides unsurpassed protection from fraud losses while minimizing operational overhead and impact on the banking customer. Actimize Online Fraud Prevention 2.0 also features an analytical engine A programmable calculator designed by British scientist Charles Babbage. After his Difference Engine failed its test in 1833, Babbage started the design of the Analytical Engine in 1834. that is able to "learn" in real time, making fraud detection evermore ev·er·more adv. 1. Forever; always. 2. In a future time. evermore Adverb all time to come Adv. 1. accurate as the system is used, and a graphical modeling tool which makes it easy to quickly develop new fraud patterns without any programming. As a result of this industry-leading flexibility, financial institutions can keep pace with constantly changing fraud methods. Online Fraud Prevention 2.0 requires fewer resources to provide accurate detection of all types of online fraud, reducing costs and improving productivity. Among the fraud scenarios included in this solution are account financing fraud, phishing and account takeover, payment fraud, trading fraud, mule mule, in zoology mule, hybrid offspring of a male donkey (see ass) and a female horse, bred as a work animal. The name is also sometimes applied to the hinny, the offspring of a male horse and female donkey; hinnies are considered inferior to mules. accounts and many more. "As the online channel continues to grow in popularity and use, online fraud prevention is increasingly a priority for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions," said David Sosna, Actimize CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The Federal Financial Institutions Examination Council The Federal Financial Institutions Examination Council, or FFIEC, is a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of issued guidelines in October 2005 that served to underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. what these institutions already knew -- online fraud presents unique challenges and must be addressed not only to prevent monetary losses, but also to prevent erosion of end-user confidence in the online channel and even in the institutions themselves." Several top financial institutions have already chosen the Actimize Fraud Prevention solution, stemming losses from these attacks and protecting their customers. How It Works When monitoring session activity, Online Fraud Prevention 2.0 builds dynamic authentication and fraud risk scores that incorporate both session and financial information and are updated in real time. As these risk scores increase, the system can invoke multi-factor authentication, using both Knowledge Based Authentication--verifying the identity of the end-user, based on what they know--and One Time Password Authentication --for example, placing a phone call to the account owner--to provide a higher degree of security. The institution can also limit access to accounts based on the risk scores. This is complemented by Actimize Online Fraud Prevention 2.0's fraud detection models that provide the highest fraud catch-rate with a small number of alerts. This is critical to keeping operational costs in check and maintaining a positive end-user experience. For example, a criminal obtains a banking customer's username The name you use to identify yourself when logging into a computer system or online service. Both a username (user ID) and a password are required. In an Internet e-mail address, the username is the left part before the @ sign. For example, KARENB is the username in karenb@mycompany. and password and uses those credentials to log into an account. The Actimize solution notices that the login Signing in and gaining access to a network server, Web server or other computer system. The process (the noun) is a "login" or "logon," while the act of doing it (the verb) is to "log in" or to "log on. took place from a new device, and that such a login is unusual for this account, so it invokes active second factor authentication. This provides an added measure of security and can prevent unauthorized account access. However, user authentication See authentication. is not relevant in many online fraud cases where the criminal intends to commit fraud yet has a legitimate identity. For this reason, Online Fraud Prevention 2.0 also provides overall financial fraud detection technology that scans all transactions across all channels, identifying potential fraud and creating a critical second layer of security. "The online channel's promise of availability, ease-of-use, and low cost can only be sustained if it is also secure," said Ido Ophir, VP Product Management, Actimize. "Financial institutions are facing tremendous challenges from criminals who are quick to exploit any security weakness, and Actimize Online Fraud Prevention 2.0 is the flexible, comprehensive solution they need today to detect and prevent online fraud." Actimize Online Fraud Prevention 2.0 is part of the Actimize Fraud Solution Suite which also includes solutions for ATM Fraud, Check Fraud and Employee Fraud Prevention. About Actimize Founded in 1999 by experts in data management and business intelligence, Actimize is a leading provider of enterprise software solutions for Operational Risk Management including Anti-Money Laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. , Fraud Prevention, and Regulatory Compliance solutions. The Actimize platform is used by eight of the top ten financial services organizations and in total provides surveillance and compliance monitoring for over US$4 trillion in assets. Actimize solutions are currently implemented at leading financial services institutions including banks, brokerages, and insurance firms as well as regulatory bodies and government agencies. For more information about Actimize, visit our web site at www.Actimize.com. |
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