The bank will standardise on the Actimize anti-fraud platform in one of the industry's largest and most comprehensive moves towards a single enterprise-wide fraud risk management platform. The Actimize packaged solutions will enable the institution to prevent fraud in real-time, across various channels such as Internet, call centre, cards, payments and ATM. The Actimize platform will also support self-development of proprietary fraud models by the bank's internal experts. In addition, the bank will use Actimize's enterprise case management solution to manage fraud investigations across the enterprise.

The bank, like many other financial institutions, has been challenged to manage multiple legacy anti-fraud systems and siloed lines of business. Following years of rapid growth and multiple acquisitions, the bank has dozens of disparate fraud detection systems in place, which are expensive to maintain, lack the flexibility necessary to respond to new fraud threats and do not leverage cross-channel information.

The bank plans to consolidate and replace these third-party and proprietary systems with the Actimize packaged fraud solutions and expects to improve fraud detection and prevention, create a holistic view of customer behaviour, deploy rules and policies, improve investigation operations and reduce Total Cost of Ownership (TCO) for IT and other product related costs. Furthermore, the bank will use the Actimize platform and development tools to develop new internal fraud models.

"Even as financial services institutions are still clawing their way out of the morass of the global financial recession, investments in fraud prevention and financial crime management remain a necessity," said George Tubin, senior research director at TowerGroup. "Financial institutions will seek ways to do more with less in dealing with increasingly sophisticated and coordinated fraud attacks. Two overarching themes - an enterprise approach to fraaud and increased use of adaptive analytics - represent much of that focus for the coming year."

David Sosna, chief executive officer at Actimize said, "As financial crime and enterprise fraud become more complex and costly, and also move up financial institutions' agenda, we believe that we can significantly leverage this strategic win to drive further growth. This win is a major milestone for Actimize and validates our position as the largest and broadest financial crime solutions provider. We are committed to remaining at the forefront of this market with proven solutions, technology and satisfied clients."