Federal Bank of India Combats Card and Merchant Fraud with ACI Worldwide’s UP Payments Risk Management Solution
June 11 2020 - 4:17AM
Business Wire
Bank reports
considerable drop in fraudulent transactions, including vishing
fraud, and declines fraudulent transactions in more than 2,700
cards over six months
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time electronic payment and banking solutions, today announced
that India’s Federal Bank is leveraging its UP Payments Risk
Management solution to identify fraudulent card activity, mitigate
losses and enhance customer relationships. Through ACI’s solution,
the bank can enhance fraud detection capabilities with insights
into real-time status of card transactions based on pre-defined
parameters, empowering the bank to provide better customer
experience and security.
Federal Bank, one of India’s largest private sector commercial
banks, has more than 2,800 touchpoints (over 1,200 branches and
over 1,600 ATMs) spread across the country, serving a customer base
of more than 10 million. The bank is a technology pioneer among
India’s private sector banks and was one of the first to
computerize all its branches. To address the evolving threat of
fraud and offer additional security for digital transactions,
Federal Bank sought to deploy a solution with real-time monitoring
for deterring, detecting and blocking fraud. ACI customized its
fraud and risk management solution for Federal Bank at two action
levels: cards and merchants.
“Our objective was to equip Federal Bank with real-time
reactivity and adaptation to emerging fraud trends, enabling faster
decision-making,” said Kaushik Roy, vice president and country
leader – South Asia, ACI Worldwide. “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."
According to RBI data, from October to December 2019, debit card
fraud alone reached 11,058 cases involving Rs 94.5 crore, or USD
$12.4 million. Federal Bank required a counter-fraud solution for
both its cardholders and merchants, with mission-critical features
that are easy to deploy, responsive and reduce the financial
impacts of fraud.
After deploying UP Payments Risk Management for real-time
monitoring of card transactions, the bank saw a considerable drop
in fraudulent transactions, including vishing fraud. In addition to
alerting customers of risks, the solution also includes automated
alerts that have helped the bank recognize and decline potential
fraudulent transactions on more than 2,700 cards over a recent
six-month period.
“Digital technologies are transforming the way people access
banking services and at Federal Bank, our aim is to provide a
frictionless experience at every touchpoint. While security
challenges for banks are changing fundamentally, we want to make
sure that we are always ahead of fraudsters,” said Shalini Warrier,
executive director, Federal Bank. “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.”
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers
electronic payments for more than 6,000 organizations around the
world. More than 1,000 of the largest financial institutions and
intermediaries, as well as thousands of global merchants, rely on
ACI to execute $14 trillion each day in payments and securities. In
addition, myriad organizations utilize our electronic bill
presentment and payment services. Through our comprehensive suite
of software solutions delivered on customers’ premises or through
ACI’s private cloud, we provide real-time, immediate payments
capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit
www.aciworldwide.com. You can also find us on Twitter
@ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2020
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP,
the UP logo and all ACI product/solution names are trademarks or
registered trademarks of ACI Worldwide, Inc., or one of its
subsidiaries, in the United States, other countries or both. Other
parties' trademarks referenced are the property of their respective
owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20200611005329/en/
PR
Dan Ring E-mail: dan.ring@aciworldwide.com Phone: +1 (781)
370-3600
Christopher Taine (APAC/EMEA) E-mail:
christopher.taine@aciworldwide.com Phone: +49 (0) 89 45230 128
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