ACI Worldwide is introducing its proprietary Network Intelligence Technology to give banks and payment providers the ability to share fraud signals and better use machine learning capabilities to detect and fight deception, according to a press release on Monday (Nov. 15).
The company’s new technology is an integral part of its ACI Fraud Management, enabling banks, processors, acquirers and networks to broaden their fraud prevention strategies. The Network Intelligence Technology facilitates the secured sharing of “industry-wide fraud signals by feeding their machine learning models and leveraging their machine learning technology more effectively.”
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“ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today,” said Cleber Martins, head of 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.”
The new tech gives the industry an innovative hybrid approach to prevent fraud that also complements custom, proprietary signals with other signals from industry participants, according to the release.
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The launch of ACI’s Network Intelligence Technology comes as fraud continues rising and the payments industry has been called to better prevent, detect and combat cyberattacks. As real-time and digital payments have quickly escalated over the pandemic, fraudsters have turned their criminal activities to real-time payments channels.
Phishing and social engineering scams have also been on the rise, with APP fraud in the U.K. up 71% during the first six months of this year. Fraud in the U.K. is so rampant that it is now a national security threat, UK Finance has said.
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