Global real-time payments software firm ACI Worldwide is introducing a fraud scoring platform powered by machine learning to deliver real-time security and fraud prevention to financial institutions (FIs) of every size, according to a press release on Wednesday (March 9).
ACI Fraud Scoring Services (FSS) is a first for the industry and is supported by ACI’s patented incremental learning technology, which is an integral part of ACI Fraud Management. FSS is intended to help FIs reduce losses associated with fraud by as much as 75%.
The service will initially launch in North America and Europe and, in the upcoming months, make its way around the globe.
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Cleber Martins, head of payments intelligence and risk solutions, ACI Worldwide, said FSS is another component in ACI’s “layered approach to machine learning.”
Martins called machine learning (ML) an important element in fraud prevention due to “today’s real-time environment,” but it’s not easy for the average business to keep up with the ML’s fast-changing operations.
“ACI’s new managed service enables financial institutions of all sizes to access state-of-the-art artificial intelligence capabilities for a fraction of the cost, making fraud prevention more inclusive and helping to combat fraud more effectively,” Martins said.
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ACI’s fraud management and prevention tool delivers next-generation ML, behavioral biometrics, predictive analytics and ACI’s Network Intelligence Technology. The solution works with banks and FIs to help them identify and diminish financial crime.
Incremental learning is used by ACI to boost fraud protection for merchants and FIs and doesn’t need retraining like traditional ML models as fraud patterns change, according to the release. With incremental learning, small adjustments are continually made, allowing the model to adapt as new behaviors are observed.
ACI Worldwide provides secure and scalable software solutions for digital payment processing and management, omni-commerce payments, bill payments, and fraud and risk prevention. The global company strives to drive real-time digital transformation of payments and commerce.
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