Security News > 2021 > July > Swedbank partners with ACI Worldwide to enhance its fraud platform with ACI Fraud Management

ACI Worldwide announced that its partnership with Swedbank has contributed to a 55 percent decrease in card fraud, helping to improve customer experience and business growth for the Swedish bank.

The bank partnered with ACI to enhance its fraud platform with the help of ACI Fraud Management and has transitioned from a rules-based to a holistic fraud management approach - which now applies insights from machine learning and shared data in addition to rules - to exempt low-risk transactions from the SCA requirements.

"Utilizing ACI Fraud Management has allowed us to move from single transaction monitoring to customer behavior monitoring, a strategy that helps us to quickly identify low-risk transactions and exempt them from SCA's two-factor authentication requirements," said Tonu Ots, Head of Card Issuing, Swedbank.

"This has led to a considerable decrease in card fraud and helped to enhance the customer experience, which is crucial to business growth in light of average high checkout abandonment rates."

"Swedbank has demonstrated that it is possible to turn the SCA challenge into an opportunity," said Jay Floyd, Senior Principal Financial Crime Consultant, ACI Worldwide.

"In addition to delivering an innovative fraud management solution that maintains compliance, manages exemptions and enhances the customer experience, the bank has created a true market differentiator for themselves and their clients by deploying the latest ACI technology."

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