ACI Worldwide, a provider of real-time payments and digital payment software solutions, has 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 per cent 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, 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,” added Martins.