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
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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
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.
Proprietary technology that enables banks, processors, acquirers and networks to securely share and consume industry-wide fraud signals to feed their machine learning models
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
Enhance fraud detection and financial crime prevention with AI-driven, self-learning algorithms that ensure compliance with PCI DSS v4.0, AML, KYC, and sanction screening.
Deploy secure real-time payment rails, launch new payment methods and schemes with back-office management using a single, innovative infrastructure solution
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