Source: ACI Worldwide
ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced it is extending its partnership with Three UK to combat eCommerce fraud, which has increased during the Covid-19 pandemic.
The telco leader will enhance its online fraud management and prevention efforts by leveraging ACI’s award-winning fraud management offering ReD Shield, part of ACI’s UP Payments Risk Management solution.
Since the beginning of the Covid-19 crisis, global eCommerce transactions across many sectors have risen dramatically. The UK telco sector for example saw a 36 percent rise in May in online transactions compared to the previous year. However, the growth in eCommerce volumes has also resulted in an increase in fraud, as fraudsters are using the surge in online activity to target unsuspecting consumers and merchants.
ACI’s ReD Shield offers Three UK a multi-layered fraud strategy that uses a combination of consortium intelligence, profiling, machine learning and rules—a powerful approach that enables merchants to separate legitimate customers from fraudsters.
“The current crisis is likely to lead to a long-term behavioural change with millions of consumers opting for the convenience of shopping online instead of at brick-and-mortar shops,” said Andrew Quartermaine, vice president, ACI Worldwide. “However, this change also presents new opportunities for fraudsters, and merchants could be hit by a tidal wave of new fraud cases if they do not act. To protect transactions in the eCommerce space, a sophisticated fraud monitoring and prevention solution is crucial.”
“Our work with ACI Worldwide has enabled us to navigate the evolving and increasingly complex fraud market so we can better protect our business,” Martyn Cokayne, head of fraud risk, Three UK. “We’re pleased to extend our relationship with ACI, collaboratively working to maintain the highest standards in security and fraud protection across our online platforms.”