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News

Positive Gartner rating for Actimize anti-fraud software

Qognify : 09 October, 2009  (Company News)
Gartner examination of the Enterprise Fraud Market gives top ratings to Actimize for fraud management functions
Actimize, a Nice Systems company and the largest and broadest financial crime, compliance and Risk Management solutions provider to the financial services industry, has received a rating of "Strong Positive", the highest rating available, in Gartner's report entitled "MarketScope for Enterprise Fraud Management", issued September 3, 2009.

Gartner defined the Strong Positive rating for enterprise fraud management (EFM) as, "The vendor shows a strong balance of forward-thinking technological development and competitive dominance in the market. High name recognition combines with business-relevant solutions to sell the technology more effectively than other market players. Strong Positive vendors are defining and refining the market by their actions, and are forcing other vendors to conform. In this market, a Strong Positive vendor is seen as enabling EFM at the customer or other user-defined entity level across products, channels and accounts, while also providing a wide range of point solutions that are channel and product specific. Strong Positive vendors provide a path to deal with existing and new threats, and fraud attacks against the enterprise, and take the lead in integrating point fraud detection solutions already in the enterprise. It is difficult to achieve this ranking because of the relative immaturity of this market and the fact that the vendor products haven't yet had time to mature to support very complex and diffuse environments."

"Actimize is committed to continue leading the fraud management and financial crime market with focused and comprehensive anti fraud solutions built on an enterprise platform that enables key capabilities such as real-time prevention, effective investigations and cross-channel profiling," said Amir Orad EVP and CMO at Actimize. "We are proud to provide solutions to all of the top-10 global banks and the majority of the largest banks worldwide. In my opinion, Gartner's ranking of Actimize as 'strong positive' and our recent acquisition of Fortent (previously known as Searchspace) reaffirms our #1 position in our industry."

"Enterprise fraud management saves users money by enabling operational efficiencies and by stopping losses from cross-channel, cross-account and/or cross-product fraud schemes," said Avivah Litan, vice president and distinguished analyst at Gartner, in the MarketScope report. "With the economic downturn, the desire to save resources and cut costs has been strong. Users should select vendors with products that support their tactical fraud prevention objectives."

The report says that "until now, most enterprises using fraud detection have been using point or siloed solutions" and that "this has resulted in fragmented fraud prevention systems and redundant fraud-related operations." The report estimates that the EFM market will grow approximately 10%-15% in 2009 and 15%-20% in 2010, "mainly because large global financial institutions are investing heavily in EFM technology against a backdrop of increasingly frequent and sophisticated fraud attacks, and also due to a desire to consolidate fraud prevention and financial crime efforts across the enterprise." It anticipates even faster growth in 2010 "as financial institutions in different [emerging market] countries begin investing in EFM."

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