India-based Federal Bank has selected ACI Worldwide as its technology partner to identify and combat card and merchant fraud.
The bank will leverage ACI Worldwide’s UP Payments Risk Management solution to identify fraudulent card activity, mitigate losses and enhance customer relationships.
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ACI claims that its solution will help the lender to boost capabilities to detect fraudulent transactions by providing real-time insights into card transactions based on certain pre-defined parameters.
ACI Worldwide VP and country leader South Asia Kaushik Roy said: “Our objective was to equip Federal Bank with real-time reactivity and adaptation to emerging fraud trends, enabling faster decision-making.
“We’re delighted to partner with the bank in its ongoing digital transformation journey, delivering a solution that incorporates fraud and payments data through proprietary as well as third-party modelling.”
The bank has already deployed ACI’s UP Payments Risk Management solution and witnessed a significant drop in fraudulent transactions, including voice phishing (vishing).
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By GlobalDataThe Indian lender was able to identify and eliminate potential fraudulent transactions on more than 2,700 cards within six months.
Federal Bank executive director Shalini Warrier said: “While security challenges for banks are changing fundamentally, we want to make sure that we are always ahead of fraudsters.
“Given ACI’s expertise and proven ability to scale, we approached them to discuss our fraud and risk management requirements.
“Since the solution enables us to protect our customers against several types of fraud, not only does this significantly improve their satisfaction and mitigate risk, but it also helps us stay ahead of the digital curve.”
