An integral part of ACI in the worldACI Fraud Management was launched, enabling banks, processors, acquirers and networks to improve their fraud prevention strategies. Network intelligence technology will enable these organizations to securely share industry-wide fraud signals by powering their machine learning models and leveraging their machine learning technology more effectively.
The new technology offers industry players a hybrid approach to fraud prevention, combining the strength of custom proprietary signals and complementing them with signals exchanged within the consortium of industry participants.
The launch comes amid rising global levels of new fraudulent attacks and heightened calls for greater 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 payment channels, targeting unsuspecting customers through phishing scams and social engineering. APP fraud increased by 71% in the first half of 2021 in the UK, surpassing card fraud rates for the first time. Fraud levels in the UK now pose a threat to national security, says industry body UK finances has warned.
“ACI’s unique network intelligence technology adds an extra layer to one of the most sophisticated fraud prevention and management solutions available on the market today,” commented Cleber Martins, Head of Payments Intelligence and Risk Management Solutions, ACI Worldwide. “New ways of industry collaboration are key to improving fraud prevention. ACI’s unique network intelligence approach will help financial institutions and payment providers develop macro insights and defeat fraudsters with valid models that are weighted appropriately across all parties.
ACI’s network intelligence technology enables industry players to:
- Consume, distribute and trade secure fraud signals without exposing raw data.
- Take a new hybrid approach to 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 – choosing which insights to adopt in models and which to contribute to community findings.
- Take advantage of transparent individual signals rather than a single opaque pattern dominated by the largest contributor.
- Create informative and contextually meaningful data features focused on individual needs
- Understand localized threats before they become endemic.
ACI Fraud Management offers enterprise fraud prevention features that are essential to successfully protect customers in a real-time fraud environment. The solution offers advanced machine learning along with behavioral biometrics capabilities, predictive analytics and expert-defined rules, helping banks identify and prevent fraud in real time. It includes the ACI Model Builder, which allows business users to build and maintain their own predictive machine learning models in minutes, which can be specific to real-time instant payments.