GeoComply has partnered with NICE Actimize, a leading provider of financial crime, risk and compliance solutions, to offer its next-level location intelligence solutions to their customer base through its X-Sight marketplace.
NICE Actimize’s X-Sight Marketplace is the first financial crime and compliance ecosystem connecting financial institutions with third-party data, applications, tools and service providers. Specifically, GeoComply may be implemented to enrich IFM-X, NICE Actimize’s fraud prevention platform, with the same hyper-accurate, enhanced location intelligence solution used for the highly regulated iGaming industry.
GeoComply provides advanced location intelligence, including hyper-accurate location detection, advanced location signals from users and devices, and the detection of sophisticated location-spoofing methods. Financial institutions can use these additional data signals to enhance their existing risk models and fraud management tools, reducing fraud costs, compliance violations, false positives, and, most importantly, protecting their customers.
“With both the volume and cost of financial crime on the rise, the ability to mitigate fraud and money laundering risks is of paramount importance for the financial services industry,” said Elizabeth Cronan, VP of Government Relations at GeoComply. “While the types of financial crime may vary, bad actors have one thing in common: they always try to avoid detection by spoofing their location through VPNs, proxies and other anonymizers. It’s essential that financial institutions do everything they can to stop financial crime, not only to protect their bottom line, but to foster digital trust throughout the industry.”
Cronan added: “Accurate and verified location is essential to determining a user’s true identity – without it, you can’t really say you know your customer. GeoComply helps organizations to mitigate financial crime risks by detecting and stopping cybercriminals who spoof their location.”
