ACI Worldwide (NASDAQ: ACIW), the international firm focused on “mission-critical,” real-time payments software, has announced the launch of Fraud Scoring Services—which is a fraud scoring platform offering next-gen machine learning capabilities for financial institutions of all sizes “to deliver real-time fraud detection and prevention.”
Underpinned by ACI’s patented Incremental Learning technology, ACI Fraud Scoring Services (FSS) can “enable banks to reduce fraud losses by up to 75%.” The service is being rolled out in North America and Europe first, “with plans to expand globally in the coming months.”
Cleber Martins, Head of Payments Intelligence and Risk Solutions, ACI Worldwide, stated:
“We are excited to launch Fraud Scoring Services as part of ACI’s layered approach to machine learning. In today’s real-time environment, machine learning is crucial as part of an effective fraud prevention operation, but developing, managing and staying up-to-date with machine learning strategies is a challenge for most businesses. ACI’s new managed service enables financial institutions of all sizes to access state-of-the-art artificial intelligence capabilities for a fraction of the cost, making fraud prevention more inclusive and helping to combat fraud more effectively.”
Advantages and Benefits of ACI Fraud Scoring Services are as follows:
- Offers complex machine learning capabilities based on ACI’s incremental learning capabilities, improving operational efficiency, increasing fraud detection, and reducing costs
- Patented technology solves machine learning model degradation, retaining efficiency 5X longer than traditional models
- ACI takes on full responsibility for selecting the best model(s) for each customer need, monitoring, and retraining of models as needed, including model governance
- Off-the-shelf model library and shared intelligence available for quick on-boarding and immediate results protecting—from day one—include new payment methods, channels, segments.
- Connected through APIs and offered through ACI’s Public Cloud Environment via Microsoft Azure—minimum latency to be used for real-time decisioning
- Incremental learning technology is an integral part of ACI Fraud Management, ACI’s award-winning enterprise fraud management and prevention solution. The solution offers advanced machine learning and behavioral biometrics capabilities, predictive analytics, expertly defined rules, and ACI’s Network Intelligence Technology to help banks identify and mitigate financial crime.
Incremental learning “enhances fraud protection for merchants and financial institutions.”
Although more traditional machine learning models need to be ‘retrained’ as fraud patterns change, models using incremental learning “make small adjustments on an ongoing basis, allowing the model to adapt itself in production when new behaviors are observed.”