ACI and Eunexus team on online banking fraud prevention

Source: ACI Worldwide

ACI Worldwide (NasdaqGS:ACIW), a leading international provider of software for electronic payment systems, today announced a strategic partnership with Eunexus, an internet banking fraud and security solutions company.

The partnership will offer financial institutions in the UK and Europe a more sophisticated fraud prevention strategy by integrating Eunexus' IP profiling intelligence with ACI's real-time transaction monitoring solution, ACI Proactive Risk Manager. This combination offers a proven solution that enables financial institutions to reduce transaction fraud losses over the internet banking channel.

Eunexus' IP profiling technology is an intelligence feed that reports suspicious and known fraudulent IP addresses. It differs from other IP software in the market by focusing specifically on internet banking intelligence for fraud detection. Proactive Risk Manager analyses the IP data in real time to alert the bank or even halt specific transactions if they are being initiated from suspect IP addresses. Beyond the obvious reduction in fraud losses enabled by combined IP intelligence and real-time transaction monitoring, fraudsters will be deterred by the stronger integrated security systems. The solution will also enhance banks' ability to fight Faster Payments fraud initiated via internet banking.

Dylan Foo, head of business solutions at Eunexus, said, "The global online banking industry is seeking fraud solutions that are flexible enough to change in response to threats as they happen, and this is precisely what our strategic partnership delivers. Because Proactive Risk Manager can monitor multiple banking channels under a single enterprise-wide system, the partnership with ACI moves Eunexus' IP intelligence beyond internet banking and combines it with cross-channel customer information."

Michelle Weatherhead, head of risk solutions at ACI Worldwide EMEA, said, "Increasingly, banks are realising that fraud is not a competitive issue and, as such, the partnership aims to facilitate the sharing of IP data across participating financial institutions. Together ACI and Eunexus are giving banks the opportunity to identify and share suspicious IP addresses that can then be blocked by all financial institutions. The partnership tackles the two most important internet banking fraud strategy considerations for banks - the need to react quickly to fraudulent attempts while collaborating with other financial institutions to defeat organised crime."

The joint solution is available to UK customers immediately and will be rolled out to additional European countries later this year.

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