ACI Worldwide has introduced its proprietary Network Intelligence Technology as part of its effort to tackle real-time payments fraud.
Launched as an integral part of ACI Fraud Management solution, the new technology allows banks, processors, acquirers, and networks to share industry-wide fraud signals by feeding their machine learning models.
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It offers custom and proprietary signals and adds them with signals exchanged within the consortium of industry participants to help prevent fraud.
The technology also incorporates signals from third-party fraud intelligence sources and allows industry players to select which insights to adopt into models and which to contribute to community findings.
Furthermore, the companies will be able to form informative and contextually meaningful data features, based on their individual requirements. It will also help them understand localised threats before they become widespread.
ACI Worldwide head of payments intelligence and risk solutions Cleber Martins said: “ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today.
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By GlobalData“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 is launching the new technology at a time when fraud attacks are increasing around the world, urging for increased collaboration among industry players.
The growth in digital and real-time payments in the backdrop of the pandemic has turned real-time payments channels a target of fraudsters and scammers.
APP fraud went up to 71% during the first half of the year in the UK, surpassing card fraud rates for the first time.
