ACI Worldwide Launches Network Intelligence Technology to Combat Real-Time Payments Fraud

Rhea-AI Summary

ACI Worldwide has launched its proprietary Network Intelligence Technology to enhance fraud prevention strategies for banks and payment providers. This technology allows for the secure sharing of industry-wide fraud signals, leveraging machine learning to combat rising fraud attacks, especially in the digital payments sector affected by the Covid-19 pandemic. With APP fraud increasing by 71% in the UK, ACI's solution aims to provide a customized, hybrid approach to fraud prevention, combining proprietary signals with community insights.

Positive

• Launch of Network Intelligence Technology enhances fraud prevention capabilities.
• Allows secure sharing of fraud signals among industry players, improving collaboration.
• Addresses rising fraud rates, especially in real-time payments due to the pandemic.

Negative

• Increasing fraud attacks pose a significant threat to financial institutions.

• New technology enables banks and payment providers to share industry-wide fraud signals to leverage machine learning technology more effectively

MIAMI--(BUSINESS WIRE)-- ACI Worldwide, a leading global provider of real-time payments and digital payment software solutions, today launched its proprietary Network Intelligence Technology as an integral part of ACI Fraud Management.

The new technology enables banks, processors, acquirers, and networks to augment fraud prevention strategies by allowing them to securely share industry-wide fraud signals by feeding their machine learning models and leveraging their machine learning technology more effectively. It offers industry players a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium of industry participants.

The launch comes against the backdrop of rising global levels of new fraud attacks and increased calls for more collaboration among industry players. The rise of digital and real-time payments due to the Covid-19 pandemic has seen fraudsters and scammers increasingly focus on real-time payments channels, targeting unsuspecting customers through Phishing and social engineering scams. APP fraud increased 71% during the first half of 2021 in the UK, overtaking card fraud rates for the first time. The levels of fraud in the UK now pose a national security threat, industry body UK Finance has warned.

“ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today,” commented Cleber Martins, Head of Payments Intelligence and Risk Solutions, ACI Worldwide. “New ways of industry collaboration are crucial for improving fraud prevention. ACI’s unique network intelligence approach will help financial institutions and payment providers to develop macro insights and beat fraudsters with valid models that are weighted appropriately across all parties.”

ACI’s Network Intelligence Technology allows industry players to:

• Consume, distribute, and exchange secure fraud signals without exposing raw data
• Adopt a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium
• Incorporate signals from third-party fraud intelligence sources
• Choose which insights to adopt into models and which to contribute to community findings
• Leverage transparent, individual signals rather than a single opaque model dominated by the largest contributor
• Create informative and contextually meaningful data features, focused on individual requirements
• Understand localized threats before they become endemic

ACI Fraud Management delivers enterprise fraud prevention capabilities that are crucial to successfully protecting customers in a real-time fraud environment. The solution offers advanced machine learning as well as behavioural biometrics capabilities, predictive analytics, and expertly defined rules—helping banks identify and prevent real-time fraud. It includes the ACI Model Generator, which enables business users to create and maintain their own predictive machine learning models within minutes which can be specific to real time instant payments. ACI’s unique network intelligence approach delivers an industry, regional, and market-wide view of emerging threats.

About ACI Worldwide
ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005104/en/

Media

Katrin Boettger

katrin.boettger@aciworldwide.com

Dan Ring

dan.ring@aciworldwide.com

Source: ACI Worldwide

FAQ

What is ACI Worldwide's new technology launched for fraud prevention?

ACI Worldwide launched the Network Intelligence Technology to enhance fraud prevention strategies by allowing secure sharing of fraud signals.

How does the Network Intelligence Technology improve fraud management?

It enables banks and payment providers to leverage machine learning more effectively by sharing industry-wide fraud signals.

What alarming trend in fraud rates did ACI highlight in its press release?

ACI noted that APP fraud increased by 71% in the UK during the first half of 2021, overtaking card fraud rates.

How does ACI's Network Intelligence Technology benefit financial institutions?

It offers a hybrid approach to fraud prevention, combining proprietary signals with those from an industry consortium to enhance protection.

Why is collaboration among payment providers crucial according to ACI?

Collaboration is vital for improving fraud prevention and allows financial institutions to develop more effective models against fraudsters.