GeoComply is now available through the X-Sight Marketplace to help financial institutions prevent fraud and cybercrime
September 30, 2021 (Vancouver, Canada) – Online financial crime is increasing in both volume and sophistication – especially as bad actors continue to exploit vulnerabilities caused by accelerated digitization over the last 18 months. To help financial institutions combat this serious and growing problem, GeoComply today announced a partnership 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.
“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.”
GeoComply’s award-winning geolocation fraud detection solutions are used by some of the world’s largest and most trusted enterprises in the iGaming and media and entertainment industries.
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.
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.”
As part of X-Sight Marketplace Innovation Spotlight series, GeoComply and NICE Actimize co-hosted a webinar: “Stop Online Financial Crime with Advanced Location Data.” Watch the on-demand webinar here.
About GeoComply Solutions Inc.
GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and help verify a user’s true digital identity. Our award-winning products are based on the technologies developed for the highly regulated and complex U.S. online gaming and sports betting market. Beyond iGaming, GeoComply provides geolocation fraud detection solutions for streaming video broadcasters and the online banking, payments and cryptocurrency industries, building an impressive list of global customers including Amazon Prime Video, BBC, Akamai, Sightline, DraftKings, FanDuel and MGM.
The company’s software is installed on over 400 million devices worldwide and analyzes over 3 billion transactions a year, placing GeoComply in a unique position to identify and counter both current and newly emerging fraud threats.
Proven and refined over 10 years of development, GeoComply’s solutions incorporate location, device and identity intelligence along with advanced machine learning to detect and flag fraudulent activity. By integrating GeoComply’s solutions into their processes and risk engines, organizations are able to identify fraud earlier in a user’s engagement, better establish their true digital identity and empower digital trust.
For more information, please contact: press@geocomply.com.
