NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) financial security software unit Actimize today announced that MasterCard is using its technology for ATM and debit fraud detection.
Actimize provides transactional risk management software for the financial services industry. Actimize has acquired, over the past four years, large amounts of data as well as analytical models to develop its software. Actimize hopes this will help in areas such as detecting and managing the risk behind "mass compromises".
The analytics technology that Actimize bought has been proven to fight ATM and debit fraud effectively across multiple card brands and geographies. An independent issuer evaluation showed that these models detected 40% more fraud transactions when compared to one leading legacy card fraud solution. Actimize now also owns the rights to one of the industry's fastest growing card data consortiums, with billions of ATM/debit transactions collected from thousands of institutions worldwide
MasterCard is using the models in its Fraud Monitor service, a real-time risk scoring and fraud prevention service for PIN-based transactions offered by MasterCard to its customers.
"MasterCard, the industry's security innovator and a global debit card leader, values our new relationship with Actimize in delivering value-added real-time risk scoring and fraud prevention solutions to our customers," said MasterCard group head Bruce Rutherford, adding, "We have already received affirmation of the value of this solution from our customers who use this technology and we are looking forward to further evolving the technology and models."
Actimize develops software solutions for anti-money laundering, brokerage compliance and fraud prevention. Raanana-based NICE develops and markets data recording and analysis systems.
Shares in Actimize parent NICE fell 6.4% on the Tel Aviv Stock Exchange (TASE) today, reaching NIS 94.04. In early Nasdaq trading, NICE shares were down 0.2% to $26.62, reflecting a market cap of $1.6 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2008
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