Banking Fraud by the Numbers
11%
Identity theft doubled from 6% of fraud in 2019 to 11.6% in 2021.
6.2%
Digital wallet hacking is rising — it increased from 4.4% of fraud in 2019 to 6.2% in 2021.
17.5%
Card details stolen online continues to be a top fraud type, coming in at 17.5% in 2021.
Prevent Fraud at the Speed of Business
Financial institutions must stay ahead of fraudsters and the competition to retain customers and grow revenues. Bring the power of data science and AI into the hands of your fraud team.
- Set up your production environment in minutes through Microsoft Azure Marketplace
- Create machine learning models and push to production in just hours with ACI’s model generator
- Automate model creation through ACI’s fraud scoring services
- Share and receive fraud risk signals with a community of fraud fighters via network intelligence
Balance Compliance and Customer Experience
Deliver bank fraud detection and prevention across all digital channels and payments in combination with seamless payment experiences.
- Maintain compliance with 3DS regulations for online and CNP transactions
- Comply with anti-money laundering (AML) regulations and manage watch list restrictions
- Leverage transaction risk analysis and integrate with your access control server to successfully apply exemptions
Reduce Fraud Losses and Improve Bank Fraud Detection Rates
Enterprise fraud prevention is essential to ensure customers are protected across all digital channels and payment types.
- Prevent all types of payments fraud including real-time, card, check, ACH, digital and online fraud, internal and anti-money laundering (AML)
- Gain behavioral biometrics, real-time alerting and more with ACI’s fraud ecosystem partners
- Combat account takeover fraud and prevent financial crimes across all digital channels
- Leverage new network intelligence technologies from ACI for effective collaboration
What Is Banking Fraud Analytics?
Banking fraud analytics are an integral component of any fraud management strategy, especially when used in conjunction with machine learning models, network intelligence, automation and advanced solutions like ACI Fraud Management for Banking. It uses advanced data science techniques, including forensic and statistical analysis, pattern recognition and anomaly detection to predict fraudulent behavior.
Common Forms of Financial Fraud
Financial fraud is a pervasive issue in the banking sector and can take many forms, including:
Lost/Stolen Card
Fraud that occurs when a criminal uses a lost or stolen card to make a fraudulent purchase or payment
Card-Not-Present/eCommerce
A scam in which a criminal uses a cardholder’s compromised card information to make a fraudulent transaction over the internet, over the phone or via mail order
Counterfeiting
Fraud that occurs when a criminal creates a fake card using information obtained from a cardholder’s magnetic stripe
Identity Theft
The acquisition and fraudulent use of an individual’s private identifying information to gain access to funds or to commit crimes
Card Not Received
Fraud that occurs when a card is stolen while in transit between the card issuer and genuine cardholder
Other Forms of Fraud
Media
Transform Banking Fraud Management
Fight Real-Time Payments Fraud in Three Simple Steps
The world has gone digital and operates in real-time —payments fraud is no different. When fighting fraud, speed is of the essence.
Fraud Trends in Real-Time Payments
Where payments move freely, fraud moves fast. As banks launch new products for more payments to be made at ease in real time, they must be ready to fight fraud from day one.
Fight Payments Fraud in a World Where Change Is Permanent
Increase fraud detection with fully managed fraud scoring services. Learn everything you need to know about the new, effortless AI driving 75% reductions in fraud losses.
Fraud Detection
See how network intelligence is driving unprecedented collaboration in the fight against payments fraud
The Globally Recognized Leader in Banking Fraud Management
Best Risk Management Solutions Provider
In recognition of our enterprise fraud prevention capabilities, ACI Worldwide was awarded “Best Risk Management Solution Provider 2021” by MEA Finance.
A Leader in Enterprise Fraud Management
ACI Worldwide was recognized as one of the top technology leaders in Quadrant Knowledge Solutions’ 2021 SPARK Matrix analysis of the enterprise fraud management market.
RELATED SOLUTIONS
Safe and Secure
ACI Worldwide has a wide range of fraud prevention capabilities that enable banks to achieve industry-leading performance.
Real-Time Payments Fraud Prevention
End-to-end, real-time enterprise fraud management featuring multilayered fraud prevention
Network Intelligence
Proprietary technology that enables banks, processors, acquirers and networks to securely share and consume industry-wide fraud signals to feed their machine learning models
Anti-Money Laundering
Strong, advanced AML compliance framework to maintain compliance with international and domestic regulations
Fraud Scoring Services
Effortlessly stay ahead of real-time fraud with a fully managed, automated fraud scoring service driven by ACI’s patented incremental learning capabilities deployed in the Microsoft Azure public cloud
ACI Case Manager
End-to-end case management for fraud investigations and resolutions.
Strong Customer Authentication
Complete fraud management solution that delivers full SCA compliance with value-added capabilities to enable your exemptions strategy
Machine Learning
Advanced technology specifically designed for rapid deployment and ease of use by business users to accelerate the benefits of machine learning
Fraud Management in the Cloud
Gain greater control of your fraud strategy with a cloud-based, fully managed fraud management solution
Digital Central Infrastructure
Deploy secure real-time payment rails, launch new payment methods and schemes with back-office management using a single, innovative infrastructure solution
Related Resources
Resources
Banking
Fraud Management for Acquiring Banks: Exceeding Expectations With SCA Exemptions Post-PSD2
Merchants in many markets experienced a decrease in footfall in physical stores across the 2021 holiday period. Although this is usually a busy shopping period in Europe, rising COVID-19 cases and new digital payment methods encouraged consumers to do more shopping online, across more channels and payment types than ever before.
Resources
Banking
How Westpac New Zealand Fights Fraud With Analytics and Intelligence
Research predicts that the global cost of fraud will reach $40.62 billion by 2027, 25 percent more than the fraud losses in 2020. With banks, PSPs and merchants racing toward real-time payments adoption, they must also acknowledge the increased risk of fraud that it brings, while further reducing the chances of recovering funds.
Resources
Banking
Emerging Forms of Payments Fraud and How To Tackle Them
In the first half of 2021, the UK lost £753.9 million to fraud, an increase of 30 percent compared to H1 2020, according to the most recent report by UK Finance. The report also revealed that banks using more advanced security systems were able to prevent an additional £736 million from being stolen.
