Product: ReD Shield
Company: ACI Worldwide
ACI Worldwide, a global electronic payment and banking solutions provider, enhanced ReD Shield, a solution designed to stop ecommerce fraud before it happens. Acquired by ACI in 2014, ReD Shield is part of ACI's Universal Payments (UP) suite of omnichannel solutions. The flagship product employs artificial intelligence and experienced risk analysts to provide commercial-grade fraud prevention to merchants across the globe, the company stated.
Survey data from global merchants that used ReD Shield between 2017 and 2018 revealed an increase in "buy online, pick-up in store" (BOPIS) fraud. "The benchmark survey found a 1 percent increase in fraud attempts, which is not that significant," said Michael Grillo, director of segment and solution marketing at ACI. "But BOPIS fraud attempts increased by 13 percent. Merchants with ReD Shield used machine learning and rules to identify invalid transactions."
Grillo additionally noted that consumers use an array of payment schemes and transact across multiple channels. Growing demand for fast order fulfillment within and across borders increases fraud risk and underscores the need for agile fraud management solutions.
ACI noted that ReD Shield's real-time, multitiered fraud intelligence platform is continuously updated, helping merchants, payment service providers and ISOs build extensive customer profiles with an in-depth view of good and bad transactions.
The platform uses machine learning models, predictive and behavioral analytics, customer profiling techniques, unlimited rules, and shared data to reduce fraud and chargebacks, protect revenues, and reduce false positives.
ACI described the solutions components as follows:
Erika Dietrich, global director, payments risk at ACI Worldwide noted that EMV adoption is driving fraudsters to card-not-present, cross-channel fraud. "For example, fraudsters can use stolen credit card information to make a card-not-present purchase online and then simply walk in and pick up the item in-store," she said. "We'll see this trend continue to grow in the coming years, and merchants will need to pay more attention to their omnichannel fraud controls."
ACI stated the ReD Shield fraud prevention platform can help merchants in the following ways:
Website: www.aciworldwide.com Contact: email@example.com
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next