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Suncorp Bank upgrades to ACI’s latest Proactive Risk Manager 8.0 anti-fraud product

Suncorp Bank, a division of Suncorp Group of Australia, has upgraded to the ACI Proactive Risk Manager 8.0 fraud management solution, having been a long-standing customer of the anti-fraud and cross-border money laundering system since the early 2000s..

The next generation version 8.0 of ACI’s Proactive Risk Manager solution has real-time fraud detection functionality, says the vendor, and can integrate and present fraud alerts from multiple transaction channels into a single easy-to-use agent channel, enabling Suncorp bank to achieve greater efficiencies.

The software installed at Suncorp Bank is designed to detect and combat evolving and increasingly sophisticated fraud schemes by learning as it goes along, using predictive analytics with defined rules and parameters which when breached will raise a money laundering or fraud alert.

“Protecting the assets our customers entrust to us is one of our most important duties,” said Martin Latimer, executive manager of group financial crimes at Suncorp. “We know that those who wish to defraud and steal from us are always seeking new and creative methods, and we are determined to do everything we can to prevent that. By implementing Proactive Risk Manager 8.0, we believe we are better prepared to meet this challenge.”

News analysis
The ACI solution is currently used by more than 160 customers in 44 countries, and the latest version 8.0 iteration is likely to be installed at many banks that are existing customers of the system. Long-term, ACI’s recent $49m acquisition of Distra, with its social and mobile payments platforms, may also mean that future upgrades can provide integrated anti-fraud strategies into these emerging payments areas.

If the expected growth in mobile and social media online payments materialises as expected, then certainly the industry's existing anti-fraud and anti-money laundering (AML) solutions will have to expand to cover these new areas. ACI's purcahse of Distra may give it a head start in this emerging field.