ACI Worldwide Helps Fineco Combat Credit Card Fraud

The credit card fraud detection software from ACI will enable Fineco Bank to improve efficiency and profitability by detecting fraudulent activity in shorter time frames. As a result, ACI Proactive Risk Manager will minimise losses and exposure to risk, preserve customer confidence and ensure compliance with international fraud reduction mandates. Fineco Bank is the top online bank in Italy and one of the most important online brokers in Europe with more than 400,000 online bank accounts. Its portfolio of more than 400,000 credit cards is expected to rise to 1.5 million over the next five years. With approximately 12 million credit cards in Italy and fraud on the rise, Fineco Bank required a complete solution to reduce fraud losses, improve operational efficiency and minimise customer impact. The bank required an automated solution to improve the rate and speed of identifying fraudulent transactions. Fineco Bank undertook a thorough evaluation of all suppliers and selected ACI because of the rich functionality and proven track record of its fraud detection solutions and its comprehensive knowledge of the payments industry. Proactive Risk Manager also ensures that Fineco Bank is fully compliant with international fraud reduction mandates from Visa and MasterCard, a key requirement for the bank. The software will be fully integrated with Fineco Banks card authorisation platform for better enterprise risk management, reducing fraud-associated costs. The software compares the characteristics of each transaction with the recorded patterns of behaviour and assesses the risk of each transaction using a variety of parameters and accumulated statistics. Those parameters and statistics are maintained and calculated in real time. The models will be based on Fineco Banks card portfolio, which will enhance the systems fraud detection capabilities. Moreover, Fineco Bank will have the ability to update the custom model to adapt to emerging fraud patterns.