Proactive Risk Manager empowers banks to improve fraud detection

ACI Worldwide announced the release of the newest version of ACI Proactive Risk Manager.

With the explosive growth of transnational, organised fraud and identity theft, Proactive Risk Manager empowers financial institutions to stay one step ahead of financial criminals. This most recent version delivers enhanced behavioural modelling tools and performance testing capabilities designed to strengthen fraud detection accuracy and improve the customer experience.

In addition, Proactive Risk Manager puts more control in the hands of the fraud manager through flexible configuration tools and a new user interface (UI). This new interface is one of the many improvements which makes this version both more powerful and easier to use. It also improves operational efficiencies with a new user interface (UI) designed to reduce the learning curve for new users while making the experience more intuitive for frequent users. Ultimately, the solution delivers optimal customer service by reducing false positives and helping to proactively stop fraudulent transactions.

“In order to remain a step ahead of an increasingly dangerous opponent, we need to deliver to our customers a solution which combines accuracy and usability,” said Mike Braatz, senior vice president, fraud products, ACI Worldwide. “The newest version of ACI Proactive Risk Manager provides the fraud mitigation solution the industry tells us they are seeking. It combines precision with usability to ensure financial institutions, processors and retailers are able address the fraud challenge with the strongest tool available while also being easy for fraud teams to master.”

“Financial institutions continue to face a fraud threat which is increasing in complexity and scope,” said CEB TowerGroup research director Brian Riley. “The best hope for all financial intuitions is to have a well-trained staff and develop and arm them with proven industry solutions. Fraudsters will continue to learn and evolve so it is critical that those required to manage the risk be prepared with tools which are not only powerful and responsive, but which also provide an ease of use which can be transferred to the next generation of risk managers.”

According to a recent ACI survey, card fraud is growing globally with one-in-four respondents being victimized by fraud. Also, the nature of fraud is changing. Of the 5100 survey participants, 56% of cardholders use cash or an alternate form of payment instead of a debit or credit card after experiencing fraud. In addition, post-fraud attrition rates average 21% among cardholders in the 17 countries surveyed. This indicates that card holders will use their card much less or perhaps stop using the card all together, and financial institutions risk losing customers due to fraud. 

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