ACI Worldwide, a global provider of real-time digital payment software and solutions, has launched ACI Fraud Management in the cloud.
The tool enables Indian banks to protect the rapidly growing number of Unified Payments Interface (UPI) transactions across the region.
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ACI Fraud Management, delivered via the cloud, offers greater scalability at significantly lowered costs.
It can be deployed without changes to a bank’s existing UPI solution, and can approve or decline transactions based on consumer behaviour, counteract SMS spoofing and blacklist fraudulent accounts.
Banks benefit from custom-defined workflows and scoring methods, centralised auditing and automated case updates, helping make fraud management simpler, more flexible and cost-effective.
The solution alerts account holders to potential fraud events, enabling them to easily confirm or deny transactions.
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By GlobalDataThe pandemic is boosting UPI payments
UPI clocked record monthly transactions in October for the seventh consecutive month, with 2.07 billion transactions totalling more than Rs 3.86 lakh crore in value.
With the Covid-19 pandemic acting as a catalyst for further contactless and digital payments adoption, many new internet users and merchants are embracing UPI payments.
Consequently, cybercriminals are seeking to exploit potential vulnerabilities, targeting users with fake UPI IDs, links, handles, phishing scams and remote screen monitoring tools.
Several banks have issued advisories on their social media platforms warning customers and encouraging “safe banking” practices.
UPI has accelerated the process of financial inclusion in India
While the platform has already experienced exponential growth for P2P and low-value payments, it is expected that in the coming years its success will be replicated with higher-value payments.
ACI’s solution for UPI accelerates fraud detection at authorization to protect real-time payments.
It was developed as a response to increasing pressure on financial institutions to adapt quickly, maximize operational efficiencies and protect their bottom lines.
