Security News > 2020 > November > ACI Fraud Management in the cloud: Protecting against threat of UPI payments fraud

ACI Worldwide announced ACI Fraud Management in the cloud enables Indian banks to protect the rapidly growing number of Unified Payments Interface transactions across the region.

"A supportive regulatory environment, coupled with ever-increasing smartphone usage, internet access and customer acceptance, has powered rapid UPI transaction growth. However, surging transaction volumes pose a complex challenge to banks and financial institutions when it comes to upgrading and maintaining their back-end risk management systems," said Kaushik Roy, vice president and country leader - South Asia, ACI Worldwide.

"Our multi-layered approach to fraud management for UPI delivers key SaaS benefits-faster time to value and scalability in a secure and cost-effective environment. Additionally, it leverages cloud automation to enable non-technical users to test, change, deploy and scale new rules and machine learning models to match existing and emerging fraud trends within minutes."

"The immediacy of real-time transactions reduces the time available to detect fraud and the recoverability of funds when fraud does slip through the net," said Damon Madden, principal fraud analyst, ACI Worldwide.

ACI's solution for UPI accelerates fraud detection at authorization to protect real-time payments.

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