“The ACI Fraud Management solution uses behavioral biometrics to verify the identities of legitimate users and spot suspicious activity during a transaction.”
ACI Worldwide has passed a major milestone in the ongoing fight against transaction fraud. The Anti-Money Laundering specialist has revealed that its ACI Fraud Management platform is now being used to protect more than one billion individual consumers all over the world.
The news comes as the volume of digital financial activity has increased during the COVID-19 pandemic. According to ACI Worldwide, traffic on its servers has more than doubled since the start of 2019, while the total number of digital accounts is up a remarkable 33 percent. Many of those accounts belong people who had formerly been unbanked, which demonstrates how digital technologies are raising inclusion in the financial industry.
The ACI Fraud Management solution uses behavioral biometrics to verify the identities of legitimate users and spot suspicious activity during a transaction. The platform was built to guard against account takeover and identity fraud, and comes with predictive analytic tools and an ACI Model Generator that allows customers to set their own rules and watch for specific kinds of behavior. In doing so, it helps organizations comply with the latest Know-Your-Customer and Anti-Money Laundering regulations.
“The key is staying several steps ahead of fraudsters looking to exploit consumers in the vulnerable situation created by the pandemic. Running one cost-effective, scalable enterprise solution is the best way to adapt in today’s new environment,” said ACI Worldwide Head of Payments Intelligence and Risk Solutions Cleber Martins. “Banks worldwide are looking to consolidate their technology and data into cloud-ready platforms that drive innovation and operational efficiencies, which ACI Fraud Management delivers on all fronts.”
ACI Fraud Management is a Microsoft Azure public cloud solution, and is available on a subscription basis. The company itself integrated BioCatch’s behavioral biometric technology into its platform back in 2018. Grand View Research has since placed the company at the forefront of a multi-billion dollar market for anti-money laundering technology.
Follow Us