ACI Worldwide Launches Fraud Management In The Cloud To Protect Against Threat Of UPI Payments Fraud - GADGET-INNOVATIONS

ACI Worldwide Launches Fraud Management In The Cloud To Protect Against Threat Of UPI Payments Fraud

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Indian banks and financial institutions can monitor UPI payments fraud and quickly set up advanced transaction monitoring rules with a highly flexible and scalable SaaS solution 


ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced ACI Fraud Management in the cloud enables Indian banks to protect the rapidly growing number of Unified Payments Interface (UPI) transactions across the region.


ACI Fraud Management, delivered via the cloud, offers greater scalability at significantly lowered costs. It can be deployed without changes to a bank’s existing UPI solution, and can approve or decline transactions based on consumer behavior, counteract SMS spoofing and blacklist fraudulent accounts. Banks benefit from custom-defined workflows and scoring methods, centralized auditing and automated case updates, helping make fraud management simpler, more flexible and cost-effective. The solution alerts account holders to potential fraud events, enabling them to easily confirm or deny transactions.

UPI has accelerated the process of financial inclusion in India. While the platform has already experienced exponential growth for P2P and low-value payments, it is expected that in the coming years its success will be replicated with higher-value payments. ACI’s solution for UPI accelerates fraud detection at authorization to protect real-time payments. It was developed as a response to increasing pressure on financial institutions to adapt quickly, maximize operational efficiencies and protect their bottom lines.


Social engineering fraud is on the rise for all digital payment methods, and UPI is no exception. Consumers should follow these tips to prevent falling prey to common UPI fraud:


  • Do not share sensitive data or information pertaining to money transfers/refunds on social media or any third-party apps. Fraudsters track social media accounts and can approach the user under the guise of providing assistance.

  • Counterfeit UPI apps do appear across app stores. Users should verify the name, developer, registered website and email address of an app before installing it on their mobile phone.

  • Users should be mindful that a genuine transaction that requires them to enter their PIN is for sending money. Receiving money does not require a PIN. A payment request from someone you don’t know or cannot immediately identify should be declined.

  • If you notice any suspicious activity, notify the police or visit your bank branch.

  • Stay alert and never share one-time passwords (OTP) or UPI IDs. Banks usually don’t ask for personal information on SMS, so if you receive a text asking about your financial information, it is generally a red flag.


MUMBAI—November 3, 2020