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Actimize Unveils Employee Fraud Prevention Solution

Four Top-20 US and UK Banks Are Already Using or Recently Selected the New Solution for Prevention and Early Detection of Employee Fraud

NEW YORK--(www.allCUnews.com)-- Actimize, the leading provider of transactional risk management software for the financial services industry, today unveiled a new Employee fraud prevention Solution, which is already being deployed at four top 20 banks in the United States and the United Kingdom. To combat the growing threat and increasing sophistication of employee fraud, the new solution from Actimize gives banks the analytic infrastructure and tools to monitor transactions and automate fraud detection.

The Employee Fraud Prevention Solution from Actimize is a third-generation solution enabling financial institutions to automate rules and queries while connecting disparate information sources and systems like transactional, call center, human resource, physical and system access data and monetary movements; then delivering suspicious behavior alerts and offering investigators the ability to drill-into the data and ask their own unique questions. Generations beyond manual searches and automated database queries still used by many banks today, the application’s analytics such as fraud correlation can detect complex fraud scenarios including employee collaboration with other internal and external fraudsters and can also be customized with user-defined logic to meet specific business requirements to successfully stay ahead of fraudsters.

“Employee fraud is one of the biggest operational risks banks face today,” says Avivah Litan, VP distinguished analyst at Gartner. “The vast majority of employees are honest, but a small subset will steal. If you do not have the right policies and analytic infrastructure in place to monitor transactions and activities, you will not be able to detect sophisticated forms of employee fraud.”

According to the Association of Certified Fraud Examiners (ACFE) 2006 Report on Occupational Fraud and Abuse, a typical U.S. organization loses 6 percent of its annual revenues to occupational fraud. Occupational or employee fraud can take many forms, including self-dealing or skimming, embezzlement, data leakage, identity shielding and collusion, all of which can cost banks millions of dollars in a single transaction. In its first 60 days of use at a major US bank, the Employee Fraud Solution from Actimize detected separate embezzlement and self-dealing attacks.

“Hacking, phishing and other Internet security breaches tend to be top of mind for banking customers,” says Amir Orad, EVP and CMO of Actimize. “The truth is that employee fraud is a much bigger threat to your bank account than some hacker sitting in a third-world country. That is why we are seeing top banks across the US and Europe adopting Actimize fraud detection technology to guard their customers’ and bank assets.”

About Actimize

Mitigating transactional risk across enterprise silos, Actimize is a leading provider of software solutions for anti-money laundering, brokerage compliance, customer due diligence and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process hundreds of millions of transactions a day. Actimize has offices in New York, Israel, London and Tokyo. For more information, go to www.actimize.com.

Jonathan Stotts, 212-994-3865