ACI Worldwide, Inc. [NASDAQ: ACIW] disclosed that it has introduced its proprietary Network Intelligence Technology as an essential part of ACI Fraud Management. The new technology allows banks, processors, acquirers, and networks to expand fraud prevention strategies by enabling them to securely share industry-wide fraud signals by nurturing their machine learning models and utilizing their machine learning technology more effectively.
Network Intelligence Technology
The unique Network Intelligence Technology of ACI adds another layer to one of the most advanced fraud prevention and management solutions on the market today. The unique network intelligence approach will help financial institutions and payment offerors to develop macro insights and beat fraudsters with valid models that are weighted properly across all parties.
Furthermore, the new technology provides industry players with a new, hybrid approach towards fraud prevention. It combines the strength of custom, proprietary signals and harmonizes them with signals exchanged within the consortium of industry participants. The unveiling comes against the backdrop of increasing global levels of new fraud attacks and improved calls for more collaboration among industry players.
Additionally, the increase in the number of digital and real-time payments due to the COVID-19 pandemic has witnessed fraudsters and scammers increasingly focus on real-time payments channels. It targets unwitting customers through Phishing and social engineering scams. Moreover, APP fraud reached 71% during the first half of 2021 in the UK, surpassing card fraud rates for the first time. The levels of fraud in the UK now threaten national security.