ACI Worldwide (NASDAQ: ACIW), a provider of real-time electronic payment and banking solutions, has announced it is extending its partnership with Three UK to combat eCommerce fraud, which has increased during the Covid-19 pandemic, the company said.
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.
ACI Worldwide powers electronic payments for more than 6,000 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute USD 14 trillion each day in payments and securities. To learn more about ACI, visit www.aciworldwide.com.
Three launched in 2003 as the UK´s first 3G only network, laying its foundations as the network that was born to be different. Today Three is a connectivity company that connects people to people, people to things and things to things and has more than 10 million customers.