Financial crime, risk and compliance solution provider NICE Actimize has partnered with The Knoble, a non-profit network of experts working to protect the vulnerable against financial crimes and other fraudulent activity.
The partnership is to see NICE Actimize providing resources including technology expertise, research support and more to The Knoble’s Financial Crimes Working Group. The partnership aims to support both the detection and elimination of scams in activities relating to human trafficking, child exploitation, and elder abuse.
NICE Actimize has also started to develop a number of initiatives in association with The Knoble. The first of these efforts look to address the further definition and operationalisation of scam typologies. The project focuses on The Knoble’s existing initiatives, which work on publishing a common framework for categorising scams.
Additional initiatives are to address the detection of human trafficking patterns in anti-money laundering activities. The best practices for implementing scam tracking and reporting are to be documented and shared across The Knoble Network.
How can banks prevent ‘deadly crimes’?
Craig Costigan, CEO of NICE Actimize, explained the need for more work towards preventing human crimes. Costigan commented: “The proliferation of scams targeting the most vulnerable has drawn massive attention across the globe.
“NICE Actimize’s objective is to provide important resources to help financial institutions take preventative measures to identify and stop these crimes. We will work with our clients at financial institutions and The Knoble to advance this critical mission.”
Recently, Costigan also spoke on the subject in an article: “I urge our fellow executives across the financial services industry to reimagine our call to community action. Let’s re-examine how banks can help prevent these deadly crimes. Banks can by partnering with the technology firms that are building the tools to empower that effort.”
Ian Mitchell, founder and board chair of The Knoble, spoke on how the partnership could support consumers. He said: “NICE Actimize’s market leadership and experience in anti-money laundering and enterprise fraud will contribute to our group intelligence in fighting a range of crimes such as human trafficking and more.”
“For financial institutions taking proactive measures to enhance their defences around these scams, and support consumers, NICE Actimize ‘s leadership will prove invaluable to furthering this cause.”
Chad Hetherington, VP and global head of product at NICE Actimize, has also been named to The Knoble’s board of advisors. Hetherington brings more than 25 years of experience in consulting, product management and development.