As criminals increasingly attack real-time payment networks with fraudulent fraud, ACI Worldwide Inc. announced on Monday the introduction of its proprietary Network Intelligence technology as part of its ACI Fraud Management platform.
The new technology enables banks, processors, buyers, and networks to extend fraud prevention strategies by allowing them to share industry-wide fraud indicators through machine learning models. As a result, users can combine custom and proprietary fraud indicators and indicators shared by a consortium of industry participants to Real-time payment fraud without revealing raw data.
In addition, users can leverage fraud indicators from third-party fraud detection sources and choose which insights to incorporate into models and which to contribute to community outcomes. Additional features include the ability to leverage individual fraud indicators and understand localized threats before they become endemic ACI.
Since the beginning of the Covid-19 pandemic, criminals have passed consumers through real-time payment channels Phishing and social engineering scams. In the UK, for example, authorized push payment fraud rose 71% in the first half of 2021, outperforming card fraud rates for the first time, according to ACI. According to UK Finance, a trade association for banks and financial services companies, the level of fraud in the UK is now a threat to national security.
“ACI’s unique Network Intelligence technology adds another layer to ACI’s fraud prevention capabilities,” said Cleber Martins, ACI’s Head of Payment Intelligence and Risk Solutions, in a prepared statement. “New ways of working with industry are critical 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 appropriately weighted for all parties. “