ACI Worldwide Strives to Shield NBFCs & Customers from Payment Frauds
CEO Insights team, 0
ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, announces the launch of its new Incremental Learning technology aimed at enhancing fraud protection for financial institutions and their customers.
ACI’s ‘Incremental Learning’ technology promotes an important advancement in the existing machine learning models that require modification to adapt to the changing fraud patterns. Incremental Learning models are self-analyzers and make small adjustments on real-time basis to ensure they remain relevant, even as fraudsters and genuine consumers change their behaviors.
The company has filed a patent application for its Incremental Learning’ technology, which is currently being applied in the machine learning models within the company’s fraud prevention solutions, including Proactive Risk Manager and ACI ReD Shield.
ACI Worldwide’s Data Science Director Jimmy Hennessy says, “Traditional machine learning models in many cases are not sufficient to stop fraudsters in their tracks.
The new capability is a realization of ACI’s multi-year investments and will further enhance our sophisticated fraud monitoring and prevention solutions to help customers to dramatically reduce payments fraud
ACI's 20+ years of experience in designing and implementing machine learning models, has proved quite handy within Proactive Risk Management. ACI Worldwide asserts on the facts that its machine learning models are efficiently designed to analyse all existing features and data points, and convert them into intelligence to build customer profiles, spot fraud signals and fight against evolving fraud threats, along with real-time flagging of anomalies for immediately action.
Fabian Gloerfeld, the head of Payments Intelligence, ACI Worldwide comments, “We are the first vendor globally to roll out the new Incremental Learning technology across the merchants, payments and financial services sectors,” commented Fabian Gloerfeld, head of Payments Intelligence.” He also avers, “The new capability is a realization of ACI’s multi-year investments and will further enhance our sophisticated fraud monitoring and prevention solutions to help customers to dramatically reduce payments fraud.”