ACI Worldwide Introduces Network Intelligence Tech to Tackle Real-Time Payments Fraud

ACI Worldwide, an international provider of real-time payments and virtual payment software services, has introduced its Network Intelligence Technology as a key part of ACI Fraud Management.

The tech allows banking institutions, processors, acquirers, and networks to complement fraud prevention strategies by enabling them to securely share fraud signals by feeding their machine learning models and leveraging their machine learning tech in a more effective manner.

It provides Fintech industry participants with a hybrid approach towards enabling fraud prevention, “combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium of industry participants,” according to a release.

As mentioned in the announcement, the launch comes against the backdrop of rising levels of  fraud attacks and “increased calls for more collaboration among industry players.” The update further noted that the rise of digital and real-time payments following the Covid-19 outbreak has seen fraudsters and scammers “increasingly focus on real-time payments channels, targeting unsuspecting customers through Phishing and social engineering scams.”

As noted in the release, 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 United Kingdom now “pose a national security threat, industry body UK Finance has warned.”

Cleber Martins, Head of Payments Intelligence and Risk Solutions, ACI Worldwide, stated:

“ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today. 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 enables industry participants with the following:

  • 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 behavioral 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.”

As previously reported, ACI Worldwide is a software firm that offers “mission-critical real-time payment solutions to corporations.”

Clients use the firm’s “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.” They combine their international footprint with local presence to “drive the real-time digital transformation of payments and commerce.”

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